DA Davidson upgraded AppFolio to Buy from Neutral with a price target of $230, up from $155. The firm transitioned coverage to a new analyst with the upgrade. AppFolio holds a competitive advantage in the user-friendliness of its software and has multiple growth drivers from both expansion among existing clients and market penetration, the analyst tells investors in a research note. The firm believes AppFolio’s cost structure is now aligned for a “substantial improvement” in profitably. Davidson says AppFolio has one of the highest growth rates in software.
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