Procore initiated with a Buy at UBS

UBS initiated coverage of Procore (PCOR) with a Buy rating and $105 price target The firm sees upside to Procore given its view that an emerging inflection in construction volumes will drive a re-acceleration in sales growth. The analyst believes risks with the new sales model roll-out and competition are already embedded in the narrative to some degree. The company’s 2025 revenue guide looks conservative, the analyst tells investors in a research note.