Procore initiated with a Buy at Berenberg

Berenberg initiated coverage of Procore (PCOR) with a Buy rating and $84 price target Despite the resilience of the architecture, engineering and construction market during the ongoing construction downcycle, macro headwinds continue to weigh on the stocks, the analyst tells investors in a research note. The firm’s research indicates customers increasingly prefer software partners. Its Buy rating on Procore plays into this trend.