AppFolio price target raised to $155 from $117 at DA Davidson

DA Davidson raised the firm’s price target on AppFolio to $155 from $117 and keeps a Neutral rating on the shares. The company reported a “solid” Q2 as revenue and adjusted EBITDA topped expectations, while the management has also noted that the driver of the majority of the increase in guidance was related to a new eCheck transaction fee on rent payments, the analyst tells investors in a research note. In the Value+ segment Payment processing revenue related to rent, prospective tenant application fees, and community/homeowner’s dues is the largest contributor and has generated the fastest revenue growth over the last three years, the firm added.