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Stephens analysts said in a note to clients that the “clear shift to profitable growth” is a key development.
“While we have long believed that APPF would maintain impressive growth, the murky profit side of the coin stood out as the main issue for us,” they wrote.
“Following a change in leadership there has been a series of recent actions taken to elevate the margin profile, all of which combined signal a clear shift in the mindset to profitable growth.”
This has been the missing element of the APPF story, according to Stephens, and they see “a beat/raise path ahead for ’23, which should help push consensus estimates higher both this year and next.”
