Procore Technologies, Inc (PCOR) PT Lowered to $55 at Mizuho
Mizuho analyst Siti Panigrahi lowered the price target on Procore Technologies, Inc (NYSE: PCOR) to $55.00 (from $70.00) while maintaining a Neutral rating.
The analyst comments "PCOR shares are down ~20% since reporting FQ2 results yesterday given the GTM structure changes the company intends to put in place and the associated business disruptions. cRPO growth is not expected to accelerate in 2H24 and the business disruptions combined with macro slowdown could impact growth and margin in FY25. We lower our FY25 revenue growth estimates to 13% Y/Y, decelerating from ~20% in 2024, with ~250bps margin contraction. Management commentary further validates our thesis as highlighted in our recent downgrade report, "Dimming Light at the End of the Macro Tunnel Flashing Caution". We, therefore, reiterate our Neutral rating and lower PT to $55 based on ~6x NTM EV/revenue, more in line with mid-growth SaaS peers."