Keefe Bruyette downgraded AppFolio to Underperform from Market Perform with a price target of $193, down from $255, which reflects 15% potential downside. The firm expects the stock to underperform in the coming quarters as consensus estimates move lower and decelerating revenue growth compresses the stocks’ multiple. Keefe does not believe AppFolio’s multiple currently reflects its forward growth profile. The shares do not reflect AppFolio’s revenue growth deceleration as payments adoption matures, contends Keefe.
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