Procore price target raised to $96 from $85 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on Procore (PCOR) to $96 from $85 and keeps an Overweight rating on the shares. The firm notes Procore reported a very impressive Q4 beat, with cRPO coming in significantly ahead of the Street, even when normalizing for several points of pull forward dynamics. The majority of the strength in the quarter was driven by large deal activity and solid execution, proving that the GTM transition was less disruptive than feared. 2025 guidance also ticked up slightly, and implies solid margin expansion. KeyBanc is encouraged by Procore’s sales productivity, execution, and strength up-market.