Analyst Andrew Sherman of TD Cowen reiterated a Buy rating on Procore Technologies, boosting the price target to $82.00.
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Andrew Sherman has given his Buy rating due to a combination of factors including Procore Technologies’ expected revenue outperformance and favorable growth prospects. The company is anticipated to exceed revenue expectations and slightly increase its full-year guidance, driven by strong growth in committed revenue performance obligations (cRPO) and favorable market conditions.
Moreover, Procore’s competitive position is reinforced by high barriers to entry and its dominant presence in the market, as highlighted by customer feedback. Despite some macroeconomic concerns, the company’s valuation appears attractive, trading at a discount compared to its peers. Additionally, the ongoing changes in the go-to-market strategy and the search for a new CEO are areas of interest that could further enhance the company’s performance.
Sherman covers the Technology sector, focusing on stocks such as JFrog, Procore Technologies, and ServiceTitan, Inc. Class A. According to TipRanks, Sherman has an average return of 14.3% and a 75.00% success rate on recommended stocks.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $84.00 price target.