Piper Sandler Reiterates Overweight Rating on AppFolio (APPF)

Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and $300.00 price target on AppFolio (NASDAQ: APPF).

The analyst commented, "APPF shares have declined 24% in the last 3-months as investors debate the 'normalized' growth rate going forward after benefiting from new tenant ACH fees last summer that helped boost top-line growth by an estimated 13% (34% reported vs. estimated 21% normalized). Given the CY25E EV/FCF multiple has compressed to 35x (vs. 44x three months ago), our bias skews positive on APPF but we would wait for confirmation post 10/24 earnings before adding to positions given it could likely be a binary outcome. Irrespective of elevated volatility near-term, we think APPF remains an attractive vertical SaaS asset to own over the next 12+ months based on a Rule of 40 operating model and favorable risk-reward profile at 7.9x CY25E EV/S vs. peers at 9.2x."

For an analyst ratings summary and ratings history on AppFolio click here. For more ratings news on AppFolio click here.

Shares of AppFolio closed at $201.14 yesterday.

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