KeyBanc Bullish On Real Estate SaaS: Resumes Coverage Of AppFolio, RealPage
Summary
KeyBanc is resuming coverage is due to strong demand trends and data monetization opportunities in the real estate SaaS market — a good sign for both AppFolio and RealPage, Celino said in a Monday note. “We believe the increased use of data, for use cases in automating the leasing and tenant management lifecycle, presents ongoing tailwinds and potential share gains for RealPage and AppFolio,” the analyst said. RealPage’s Overweight rating is due to robust data opportunities and a strong growth and profitability profile, he said. “Conversations with real estate software implementation partners also reinforced RealPage’s strong competitive positioning. “With the company continuing to add more solutions to its offerings, and if AppFolio can maintain 20%-plus unit growth in property management, we could see mid-to-upper-20% growth [being] sustainable over the next three to four years, though a step up in investments for new solutions is leading to more limited margin expansion opportunities.” AppFolio shares were down 0.71% at $105.35 at the time of publication Tuesday, while RealPage shares were down 1.32% at $63.40.
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