AppFolio price target lowered to $252 from $300 at KeyBanc

KeyBanc lowered the firm’s price target on AppFolio (APPF) to $252 from $300 and keeps an Overweight rating on the shares after the company posted Q3 revenue and operating margins “solidly ahead of expectations,” and also raised fiscal year guidance by more than the quarterly outperformance. However, the company also “surprisingly” announced that CFO Fay Sien Goon would be departing and that it has begun the search for a permanent successor, notes the analyst, who cites “incremental execution risk” for the lowered price target