Stifel analyst Adam Borg reiterated a Buy rating and $85.00 price target on Procore Technologies, Inc (NYSE: PCOR) after the company reported all 4Q21 key metrics (revenue, margins, EPS and CFFO/ FCF) above Street expectations given strength across the business (e.g., new customer adds, international expansion, improving gross and net retention, and strong platform adoption).

The analyst stated "Net/net, we continue to believe Procore is levered to a number of industry-specific drivers (e.g., population growth, urbanization, maintenance/repairs of existing infrastructure, digital native employees entering the construction workforce) and company-specific drivers (e.g., new logos, up/cross-sells, international expansion, medium-term fintech opportunities) 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 continue to play out."

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Shares of Procore Technologies, Inc closed at $62.88 yesterday.