In a report released today, Daniel Jester from BMO Capital reiterated a Buy rating on Procore Technologies, with a price target of $82.00.
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Daniel Jester has given his Buy rating due to a combination of factors that suggest Procore Technologies is poised for growth. The appointment of Dr. Ajei Gopal as the incoming CEO is seen as a positive development, given his successful track record at Ansys, where he consistently exceeded revenue expectations. His experience in bridging physical and digital assets is expected to be beneficial for Procore’s strategic direction.
Furthermore, Jester highlights several opportunities for Procore under Gopal’s leadership, including the potential to enhance their go-to-market strategies, explore new pricing models, and advance their AI initiatives. The company’s ability to capitalize on the ongoing digitization of the construction industry further supports the Buy rating, as it positions Procore to grow despite macroeconomic challenges. The current stock price is viewed as an attractive investment, given Procore’s leadership in the vertical software market.
According to TipRanks, Jester is a 4-star analyst with an average return of 6.5% and a 56.63% success rate. Jester covers the Technology sector, focusing on stocks such as Intuit, Dayforce Inc, and Workday.
In another report released today, Goldman Sachs also reiterated a Buy rating on the stock with a $87.00 price target.