DA Davidson Downgrades Procore Technologies, Inc (PCOR) to Neutral

DA Davidson analyst Gil Luria downgraded Procore Technologies, Inc (NYSE: PCOR) from Buy to Neutral with a price target of $60.00 (from $90.00).

The analyst comments "We are downgrading Procore to NEUTRAL from Buy in response to a 2Q24 release which signaled significant company-wide operating model changes to come, with an unclear time horizon but an expectation for changes ongoing into 2025. Procore is deciding to capitalize upon a weaker end-market environment to invest for its next chapter, focusing on customer centricity. Chains of command are being reorganized from a matrix to a general manager model. Given the uncertainty of the impacts to growth, or the magnitude of the expense, we believe the risks have increased meaningfully. We are therefore lowering our target to $60 from $90."

For an analyst ratings summary and ratings history on Procore Technologies, Inc click here. For more ratings news on Procore Technologies, Inc click here.

Shares of Procore Technologies, Inc closed at $67.22 yesterday.

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