Procore initiated with a Neutral at Macquarie

Macquarie initiated coverage of Procore with a Neutral rating and $70 price target. Calling Procore the “industry leader in construction management software,” the firm notes that U.S. construction backlogs receded recently, which it sees limiting the company’s near-term potential for large adoption gains or revenue upside. However, the firm sees significant long-term growth potential for Procore as construction’s digital adoption pace accelerates, the analyst added.