AppFolio price target raised to $328 from $260 at JPMorgan

JPMorgan analyst Alexei Gogolev raised the firm’s price target on AppFolio to $328 from $260 and keeps an Overweight rating on the shares. The firm’s analysis concludes the company’s sales growth is likely to remain over 20% in the coming years. Unit additions and cross-sell of higher subscription tiers are likely to remain key inputs justifying AppFolio’s growth trajectory, the analyst tells investors in a research note. JPMorgan increased estimates ahead of the Q2 print on July 25, is “incrementally more upbeat” on the shares, and believes a bigger premium is warranted given AppFolio’s “rule of 50 status.”