On Friday, BMO Capital Markets maintained an Outperform rating on shares of Procore Technologies , Inc. (NYSE:PCOR) and raised the stock's price target to $85 from the previous $71. The adjustment reflects the firm's confidence in the company's strategic plan, which aims to reaccelerate growth and consistently expand margins over the medium term.
The company's leadership presented a robust strategic framework during the investor day, which is designed to guide Procore through the current challenging economic environment. BMO Capital Markets underscored the strength of Procore's product offerings and market potential, noting that the company is aligning its technical and geographic sales resources to support the updated strategy announced earlier this year.
As Procore implements these strategic initiatives, BMO Capital Markets anticipates evidence of the company's growth trajectory to become more apparent as the calendar year 2025 unfolds. The firm's decision to raise the price target is a vote of confidence in Procore's ability to execute its plan and achieve the set objectives.
The analyst from BMO Capital Markets expressed support for Procore's direction, stating, "We think management provided a solid strategic framework to gradually reaccelerate growth and consistently expand margins in the medium term, as it navigates an ongoing tougher macro backdrop at its investor day."
With the new price target of $85, BMO Capital Markets reaffirms its positive stance on Procore Technologies, signaling optimism about the company's future performance in the face of broader macroeconomic challenges. The firm's outlook is based on the expectation that Procore will continue to make progress on its strategic goals throughout the upcoming year.
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