David Hynes, an analyst from Canaccord Genuity, maintained the Buy rating on Procore Technologies (PCOR – Research Report). The associated price target remains the same with $97.00.
David Hynes has given his Buy rating due to a combination of factors surrounding Procore Technologies. The recent announcement of CEO Tooey Courtemanche transitioning to Executive Chairman is seen as a positive strategic move. This change allows Courtemanche to focus on product, strategy, and customer engagement, which aligns with his strengths, while the company seeks a successor with operational expertise to scale the business further.
Moreover, Procore’s reaffirmation of its outlook for Q1 and 2025, alongside signs of stability and modest improvement in the demand environment, supports the Buy rating. Despite recent market pressures, Hynes views the current valuation as reasonable for a category leader in Vertical SaaS, with expectations of durable growth and expanding margins. The long-term prospects in an under-digitized market make Procore an attractive investment opportunity, reinforcing the Buy recommendation.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $95.00 price target.
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