JPMorgan assumed coverage of Procore with an Overweight rating and price target of $84, up from $72. Procore is a software cloud-native platform that offers sector-agnostic products that suit complex construction, the analyst tells investors in a research note. The analyst says construction is a complex industry with a sizable total addressable market. While loss-making, Procore offers a 24%t three-year annual revenue growth and attractive unit economics, says the firm.
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