Procore Technologies, Inc (PCOR) PT Raised to $75 at DA Davidson

DA Davidson analyst Gil Luria raised the price target on Procore Technologies, Inc (NYSE: PCOR) to $75.00 (from $72.00) while maintaining a Buy rating.

The analyst commented, "Procore's U.S. construction market is positioned for 10% growth in both 2023 and 2024 on the heels of encouraging incremental data points from the U.S. Census and D.A. Davidson's proprietary E&C research from Brent Thielman. The data reinforces our view that Procore is a uniquely positioned software company in the current environment – its end market demand remains strong and its clients maintain a propensity to spend on software where chronic skilled labor shortages can significantly weaken competitiveness. Given the increased upside to our estimates we raise our PT to $75 from $72. Reiterate BUY."

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