AppFolio downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded AppFolio (APPF) to Neutral from Overweight with an unchanged price target of $265. The company, a vertical specialist in property management, appears fairly valued at current share levels with few near-term catalysts while facing tougher compares in 2025, the analyst tells investors in a research note. Piper says its top picks for 2025 in cloud applications and analytics are centered on large and strategic vendors best poised to capitalize on artificial intelligence trends. 2025 and 2026 could usher in a renewed appetite to invest in the application and data layers after three years of moderating growth, the analyst tells investors in a research note.