Loop Capital starts Procore at Buy amid ‘technology awakening’ in construction

Loop Capital analyst Mark Schappel initiated coverage of Procore with a Buy rating and $70 price target. The analyst is positive on the company’s target market of construction as it is an "enormous market" that is filled with manual paper-based processes and is undergoing a technology awakening that is likely to last for some time. Procore’s competitive standing is also favorable given that incumbents are largely standing still in terms of innovation and investment in their products, Schappel tells investors in a research note.