Procore price target raised to $85 from $75 at Mizuho

Mizuho analyst Matthew Broome raised the firm’s price target on Procore to $85 from $75 and keeps a Buy rating on the shares. The company reported “impressive” results, with upside to revenue, rapidly improving margins, and strong net new customer adds, the analyst tells investors in a research note. While a growing number of customers displayed incremental conservatism, given the size of Procore’s market and relatively low levels of digital penetration globally thus far, Mizuho is “very favorable” on the company’s opportunity and believes “plenty of growth remains.”