Procore Technologies, Inc (PCOR) PT Raised to $85 at Stifel

Stifel analyst Adam Borg raised the price target on Procore Technologies, Inc (NYSE: PCOR) to $85.00 (from $80.00) while maintaining a Buy rating.

The analyst commented, "Procore delivered a solid F3Q print, with better-than-expected revenue (+14.5% Y/Y), cRPO (+23% Y/Y; up mid-teens excluding longer-duration contracts), and Total-RPO (+31% Y/Y). We are pleased GTM changes continue to show signs of progress with higher pipeline conversion, improving expansion rates, and lower voluntary attrition. Procore noted no material change in the macro.Regarding guidance, FY25 revenue goes up by more than the F3Q beat and FY25 operating margin moves higher. We expect this will once again prove conservative.Turning to FY26, while management did not offer official guidance, it remains comfortable with consensus revenue, and we expect another year of healthy margin improvement.Net/net, despite a still-mixed macro, we think the Procore story is beginning to clean up - GTM changes appear to be working, we remain optimistic on Procore's new CEO, and we had a number of positive checks at Procore's Groundbreak conference last month."

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