Procore Technologies, Inc (PCOR) PT Raised to $70 at Mizuho

Mizuho analyst Siti Panigrahi raised the price target on Procore Technologies, Inc (NYSE: PCOR) to $70.00 (from $65.00) while maintaining a Neutral rating.

The analyst commented: "Procore reported good Q2 results and raised the FY25 revenue guidance by the beat but tempered the optimism around execution by directing investor focus to profitability rather than growth as the company works through the GTM dynamics in the back half of the year. FY25 guidance of ~13% Y/Y appears reasonable considering a solid reported cRPO growth of +21% Y/Y, but management indicated that dynamics around duration and timing of contracts likely will make cRPO growth converge closer to the normalized mid-teens range towards the year-end time frame along with revenue. While the company is making progress on the GTM execution front, FY25 appears to be a transition year and the potential for disruptions due to GTM, along with the macro uncertainty, imply a reset in the growth framework in FY25 (and possibly beyond). Maintain Neutral with PT to $70 (from $65 prior)."

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