AppFolio price target raised to $278 from $235 at BTIG

BTIG raised the firm’s price target on AppFolio to $278 from $235 and keeps a Buy rating on the shares. The stock is up 21% over the past three months and 51% year-to-date, been driven by multiple expansion rather than a shift in fundamentals, the analyst tells investors in a research note. The firm says news flow coming out of the property management software sector both from a competitive and regulatory standpoint has been mixed. However, the firm believes AppFolio has a low probability of risks playing out, specifically, the White House’s plan to cap rent or lower what it terms “junk” fees, at this juncture. It views the current competitive backdrop as an opportune time for the company to take share. Furthermore, it is hopeful AppFolio “will peel back the curtain” on the incremental revenue pools available to it at the annual investor meeting this fall.