Procore upgraded to Outperform from Market Perform at Citizens

Citizens upgraded Procore (PCOR) to Outperform from Market Perform with a $71 price target ahead of the Q1 report on May 5. The firm believes the construction macro environment is “turning a corner.” Citizens’ data points trend positive for Procore, suggesting continued momentum, the analyst tells investors in a research note. The firm thinks a path to a growth acceleration in the high-teens is now possible, driven by an accelerated macro backdrop and potential inflationary tailwinds to construction volume.