AppFolio price target raised to $240 from $230 at DA Davidson

DA Davidson raised the firm’s price target on AppFolio to $240 from $230 and keeps a Buy rating on the shares after its Q3 earnings beat and FY23 guidance raise. The quarter demonstrated proof of the growth and margin impacts of monetizing ACH payments, as well as continued progress in right-sizing the company’s cost structure, the analyst tells investors in a research note. AppFolio likely offers a best-in-class SaaS solution for real-estate asset management, and the business is only beginning to monetize the strength of its offering, the firm added.