KeyBanc raised the firm’s price target on AppFolio to $223 from $210 and keeps an Overweight rating on the shares. The firm said AppFolio posted “solid” Q3 results, beating revenue and operating income expectations by $8M and $11M, respectively. KeyBanc added that it remains encouraged by AppFolio’s continued focus on driving efficient growth and margin expansion, and sees next month’s investor day as another potential catalyst.
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