KeyBanc analyst Jason Celino raised the firm’s price target on AppFolio to $190 from $155 and keeps an Overweight rating on the shares. AppFolio announced it would begin charging at least a $1 transaction fee for ACH payments. After speaking to management, a handful of customers, and several renters, the firm is raising its 2023 and 2024 estimates and publishing a detailed bull/bear scenario analysis for potential outcomes. More importantly, the ACH fee adds incremental confidence to KeyBanc’s thesis around a renewed focus on driving efficient ARPU growth and margin expansion, the firm says.
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Published first on TheFly
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