Procore price target raised to $70 from $65 at Jefferies

Jefferies raised the firm’s price target on Procore (PCOR) to $70 from $65 and keeps a Hold rating on the shares. The firm expects Procore to reset its financial framework meaningfully lower than the high 20s to low 30s growth base case last year due to a higher rate environment that could persist for longer and a challenging commercial real estate market. Jefferies believes the key growth levers are broader platform adoption, international growth, and fintech. While the firm remains a fan of the fundamental opportunity, it thinks the stock trades fairly at 8-times 2025 revenue.