Procore price target raised to $75 from $72 at DA Davidson

DA Davidson analyst Gil Luria raised the firm’s price target on Procore to $75 from $72 and keeps a Buy rating on the shares. The company’s U.S. construction market is positioned for 10% growth in both 2023 and 2024 on the heels of encouraging incremental data points from the U.S. Census and the firm’s proprietary E&C research, the analyst tells investors in a research note. The data reinforces DA Davidson’s view that Procore is a uniquely positioned software company in the current environment as its end market demand remains strong and its clients maintain a propensity to spend on software where chronic skilled labor shortages can significantly weaken competitiveness, the firm added.