AppFolio price target raised to $240 from $223 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on AppFolio to $240 from $223 on incremental confidence, while keeping an Overweight rating on the shares. The firm comes away from AppFolio’s analyst day positive on its long-term growth strategy and margin expansion opportunities. Consistent with KeyBanc’s positive preview, it announced a new pricing/packaging tier, Max, catered to large enterprise customers as it continues to move up-market, and provided incremental messaging around ARPU expansion opportunities.