JPMorgan ups Procore target, adds to Analyst Focus List

JPMorgan analyst Alexei Gogolev raised the firm’s price target on Procore to $81 from $76 and keeps an Overweight rating on the shares. The analyst also added the shares to the firm’s Analyst Focus List. The analyst says the non-residential construction space is “relatively defensive,” supported by accelerating growth of the vertical. Procore is among JPMorgan’s top picks entering 2024, and any weakness in the shares is a buying opportunity, the analyst tells investors in a research note. The firm says Procore will benefit from broader industry shifts. Despite the company’s pricing as a premium solution, its unlimited seat capacity approach makes it a more cost-effective platform versus peers, contends JPMorgan.