AppFolio upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Brent Bracelin upgraded AppFolio (APPF) to Overweight from Neutral with a price target of $350, up from $240. The company’s Q2 results were highlighted by sales growth reacceleration to 19% and the appointment of CFO Tim Eaton “removes a layer of uncertainty for the business,” the analyst tells investors in a research note. Piper now has greater confidence in the near-term trends of AppFolio’s business. It sees a favorable risk/reward at current share levels.