Growth ExpectationsAppFolio's 2025 is seen as a transitional year with tough comparisons and leadership changes, leading to lower growth expectations.
Leadership ChangesRecent leadership changes, including a new CRO and ongoing CFO search, create some near-term execution risk for AppFolio.
ValuationAppFolio is considered a high-quality business but is currently fairly valued with limited near-term catalysts, leading to a downgrade to Sector Weight.