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Fly News Breaks for July 30, 2019
Jul 30, 2019 | 07:43 EDT
As previously reported, DA Davidson analyst Peter Heckmann downgraded AppFolio to Underperform with an unchanged price target of $77, saying its Q2 adjusted EBITDA marked the third consecutive quarter of "growing negative variance" relative to the Street expectations and his targets. The analyst also cites the company's plans for higher level of investment and sees margin pressure coming from acquired operations, lowering his FY20 EBITDA target by $5M to $59M. After a 75% year-to-date run up in its stock price, Heckmann warns it will be difficult for the company to generate attractive returns over the next year.
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