Analyst Andrew Sherman of TD Cowen maintained a Buy rating on Procore Technologies (PCOR – Research Report), retaining the price target of $82.00.
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Andrew Sherman has given his Buy rating due to a combination of factors influencing Procore Technologies. The company is anticipated to slightly exceed its revenue projections for the fourth quarter and is expected to raise its guidance for the fiscal year 2025 by 11%. This positive outlook is partly based on the company’s strong performance in the third quarter, where revenue growth surpassed expectations.
Despite some challenges in visibility regarding future figures and early go-to-market changes, Procore’s core project management capabilities have been praised by customers, indicating a solid foundation for future growth. The company’s competitive positioning remains strong, with stable win rates and limited competition in its deals. Additionally, recent construction industry data suggests potential growth opportunities, further supporting a positive outlook for Procore’s stock.
In another report released on February 7, JMP Securities also maintained a Buy rating on the stock with a $90.00 price target.