Procore upgraded to Buy from Hold at Jefferies

Jefferies analyst Brent Thill upgraded Procore (PCOR) to Buy from Hold with a price target of $100, up from $80. The firm expects a favorable U.S. growth environment to drive calculated remaining performance obligation reacceleration in the second half of 2025 for Procore. A combination of second half-weighted share performance in 2024 and a seasonally challenging Q1 leads Jefferies to anticipate more selective stock-picking going into 2025 for software stocks, the analyst tells investors in a research note. However, the firm believes improving fundamentals as the year progresses, along with potentially more significant revenue contributions from artificial intelligence, should result in another positive year for the sector. Procore is one of the analyst’s top picks for 2025.