Analyst David Hynes from Canaccord Genuity maintained a Buy rating on Procore Technologies (PCOR – Research Report) and keeping the price target at $85.00.
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David Hynes has given his Buy rating due to a combination of factors surrounding Procore Technologies’ current and future positioning in the market. Firstly, the company is navigating the macroeconomic environment effectively, with no significant increase in project delays or cancellations, and large general contractors maintaining record backlogs. This stability in the construction industry provides a solid foundation for Procore’s continued growth.
Furthermore, Procore’s recent go-to-market realignment has been largely successful, with over 90% of the disruption risk already managed. The company is now focusing on optimizing processes, and early signs of success are evident from positive customer feedback. Additionally, the ongoing CEO succession process is being handled with care, aiming to find a successor who aligns with the company’s mission and has a proven track record. With conservative estimates and a focus on margin gains, Procore is positioned for steady growth, making its current valuation attractive and justifying the Buy rating.
According to TipRanks, Hynes is an analyst with an average return of -0.7% and a 45.71% success rate. Hynes covers the Technology sector, focusing on stocks such as Procore Technologies, ServiceNow, and Upland Software.
In another report released yesterday, BMO Capital also assigned a Buy rating to the stock with a $75.00 price target.
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