Stifel Assumes Procore Technologies, Inc (PCOR) at Buy
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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."
Shares of Procore Technologies, Inc closed at $58.78 yesterday.
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