AppFolio price target raised to $254 from $240 at KeyBanc

KeyBanc raised the firm’s price target on AppFolio to $254 from $240 and keeps an Overweight rating on the shares after a virtual webcast with a long-time AppFolio customer. In a “glowing review,” the customer confirmed a recent upgrade to APM Max and expressed strong interest in the company’s recently launched AI-enabled products. The customer also expressed improved industry sentiment around “unit growth” prospects with the potential for lower rates later this year. Overall, the firm continues to believe AppFolio’s ARPU expansion prospects remain under-appreciated.