Scotiabank analyst Nick Altmann upgraded Procore to Outperform from Sector Perform with a price target of $80, up from $70. The firm’s analysis and industry conversations give it “incremental confidence” in Procore’s macro defensibility, the analyst tells investors. The firm also believes “blemishes” in the construction end-market that surfaced in Q1 are “miniscule compared to the broader software space,” the analyst added.
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