KeyBanc analyst Jason Celino lowered the firm’s price target on AppFolio (APPF) to $270 from $285 and keeps an Overweight rating on the shares. The firm says that with 2026 operating margin guidance moving to 24% now implying 100 bps of year-over-year contraction, it was caught off guard. While the justification for the cash bonus accrual still perplexes KeyBanc, its top-line acceleration thesis remains intact.
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