Sam Boughedda

Investing.com — AppFolio Inc (NASDAQ:) shares gained 1.8% Friday after KeyBanc analyst Jason Celino upgraded shares of the company to overweight from sector weight.

KeyBanc’s outlook on property rentals is positive and has eased concerns about competition, an analyst stated in a note to clients. 

Celino said that strong industry data points are available around rent growth and occupancy, with positive feedback coming from several AppFolio users.

They see favorable (and underappreciated!) spending conditions for the property management market, which could result in growth upside by 2022, and modest multiple expansion.

Analysts set $143 target price for the stock. It currently trades at $113.

AppFolio shares in 2022 are currently down 7.5% while their share prices have plummeted 21% over 12 months.