Andrew Sherman, an analyst from TD Cowen, reiterated the Buy rating on Procore Technologies (PCOR – Research Report). The associated price target was lowered to $75.00.
Andrew Sherman has given his Buy rating due to a combination of factors, despite some challenges facing Procore Technologies. The company is expected to report a modest revenue beat and maintain its full-year guidance, indicating stable financial performance. Sherman anticipates a growth in committed Remaining Performance Obligations (cRPO) that aligns with market expectations, showcasing Procore’s resilience in a macro-sensitive construction market.
Despite the surprise announcement of a CEO transition, Sherman remains optimistic about Procore’s ability to attract a high-caliber leader due to its prominent position in the construction software industry. While the construction sector faces challenges such as tariffs, Procore’s leadership and relatively attractive valuations at approximately 6x EV/CY26E Sales support the Buy rating. Sherman acknowledges the weakened sentiment and macroeconomic pressures but sees potential for improvement in Procore’s go-to-market execution, justifying the Buy recommendation with a revised price target of $75.
In another report released on April 24, UBS also maintained a Buy rating on the stock with a $87.00 price target.
Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PCOR in relation to earlier this year.