Barclays Upgrades Procore Technologies, Inc (PCOR) to Overweight

Barclays analyst Saket Kalia upgraded Procore Technologies, Inc (NYSE: PCOR) from Equalweight to Overweight with a price target of $90.00 (from $82.00).

The analyst comments: "We are upgrading Procore to Overweight from Equal Weight for three reasons: (1) We feel good about US non-residential construction going in 2026 with rate cuts starting in 2H24 and prior rate cut cycles have historically shown a turn in construction spending about 2 years afterward. Furthermore, construction spending has historically compounded for multiple years thereafter. (2) Our PT of $90 assumes 11% revenue growth in both FY26 and FY27, with an 8x EV/S multiple on FY27; however, we could see an upside scenario of mid-teens growth in both years if our thesis on non-residential construction is correct, combined with improving execution after the sales changes made in FY25, which supports our upside scenario. (3) PCOR is not ANSS – but we think new CEO Ajei Gopal brings two experiences that could be applicable here, including driving wallet share with enterprise customers and seeing the journey of from $1B to $2B in revenue, which is arguably a different path than what took PCOR from $500M to $1B."

For an analyst ratings summary and ratings history on Procore Technologies, Inc click here. For more ratings news on Procore Technologies, Inc click here.

Shares of Procore Technologies, Inc closed at $70.04 yesterday.

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