Stifel Assumes Procore Technologies, Inc (PCOR) at Buy

Stifel analyst Adam Borg assumes coverage on Procore Technologies, Inc (NYSE: PCOR) with a Buy rating and a price target of $85.00 (from $120.00).

The analyst commented, "Overall, we believe that Procore is levered to a number of industry drivers (e.g., population growth, urbanization, maintenance/repairs of existing infrastructure, digital native employees entering the construction workforce, etc.) and company-specific drivers (e.g., new logos, up/cross-sells, new products/adjacencies such as getting deeper into payments, international expansion, etc.) that offer plenty of opportunity for 20%+ top-line growth and improving profitability in coming years. Given this backdrop, we believe shares can see multiple expansion as these dynamics play out."

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 $58.78 yesterday.

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