DA Davidson raised the firm’s price target on Procore to $85 from $75 and keeps a Buy rating on the shares ahead of its Q4 results. The firm sees positive forward demand indicators from its E&C universe, combined with substantially reduced expectations for Procore’s 2024 growth profile, the analyst tells investors in a research note. DA Davidson added that its new model now values the enterprise at 10-times the “conservative” 2024 revenue estimate.
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