Berenberg Starts Procore Technologies, Inc (PCOR) at Buy

Berenberg analyst Nay Soe Naing initiates coverage on Procore Technologies, Inc (NYSE: PCOR) with a Buy rating and a price target of $84.00.

The analyst comments: "Procore is the clear leader in the build market, distinguished by its broad, integrated, cloud-based platform, which addresses the growing customer demand for cohesive technology solutions. We believe that the company’s recent growth deceleration is nearing an end, with top-line growth set to accelerate and EBIT margins reaching 29% by 2030, driven by operational leverage and market recovery. The appointment of Dr Ajei Gopal as CEO makes us more confident about our thesis, given his proven track record in scaling vertical software leaders and his ability to drive profitability, while also introducing potential strategic opportunities. Our valuation reflects Procore’s transformation into a high-quality, compounding software business and the long-term upside that we expect from the story."

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 $71.73 yesterday.

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