UPDATE: Jefferies Starts Procore Technologies, Inc (PCOR) at Hold
- Futures rise ahead of weekly jobless claims data
- Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months
- Oil rises on Mideast tensions but virus concerns weigh
- Roku (ROKU) Falls Sharply on Significant Slowdown in Streaming Views, Analysts Divided
- Dollar holds gains after Fed comments, sterling ticks up after BoE
Jefferies analyst Brent Thill initiates coverage on Procore Technologies, Inc (NYSE: PCOR) with a Hold rating and a price target of $90.00.
The analyst commented, "We are fundamental fans of PCOR for three reasons. 1) Housing inventory shortage will drive construction volumes higher in '21, which will be a NT catalyst. 2) TAMpenetration and an under-digitized construction industry show long runway for growth.3) International opportunity to drive growth. However, PCOR trades at a premium valuation of 19x '22E rev. vs. comps at 14x, which we believe is fair. Initiate at Hold and $90 PT."
Shares of Procore Technologies, Inc closed at $83.99 yesterday.
You May Also Be Interested In
- UPDATE: H.C. Wainwright Starts MindMed (MNMD) at Buy
- UPDATE: Benchmark Assumes Qorvo Inc (QRVO) at Buy
- Morgan Stanley Sees 5 Reasons to be Bullish on Uber Inc. (UBER) into 2022
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!