AppFolio initiated with an Overweight at Piper ahead of ‘breakout year’

As previously reported, Piper Sandler analyst Brent Bracelin initiated coverage of AppFolio with an Overweight rating and $295 price target. Driven by new monetization levers that have accelerated margins and trailing twelve months growth to 33% from 23%, which was the prior three-year average, 2024 is “shaping up to be a breakout year” for AppFolio, the analyst tells investors. The firm expresses confidence in the new leadership team that it says has “helped supercharge this vertical SaaS model via new pricing, fintech, and AI monetization levers that appear sustainable.”