KeyBanc Analyst Raises Price Target for Procore Technologies

KeyBanc's Jason Celino raised their price target on Procore Technologies (NYSE: PCOR) by 11.8% from $85 to $95 on 2024/02/16. The analyst maintained their Strong Buy rating on the stock.

Following the release of Procore Technologies' Q4 and FY 2023 earnings report on February 15, 2024, analysts have expressed optimism about the company's performance. Celino highlighted that the quarterly revenue and operating margin exceeded forecasts, indicating solid results for the period. KeyBanc, in particular, emphasized the growth trajectory of the Current Remaining Performance Obligations (cRPO) for 2024.

In Q4 2023, Procore Technologies reported an EPS of $0.17, surpassing the Zacks Consensus Estimate significantly and showing a substantial improvement from the previous year. The revenue for the quarter also exceeded expectations, along with a positive operating margin of 7%. For FY 2023, the company delivered impressive year-over-year growth in both EPS and revenue, with a notable increase in operating margin.

Looking ahead, Procore's management provided guidance for Q1 2024 and FY 2024, projecting revenue and operating margin figures that demonstrate a continued growth trajectory. Founder and CEO Tooey Courtemanche expressed confidence in the company's progress and the ability to achieve its vision within the construction industry.

Following Celino's updated price target, other analysts also revised their projections for Procore Technologies on February 16. Stifel Nicolaus, Goldman Sachs, and JMP Securities all raised their price targets and maintained positive ratings on the stock. The consensus among top-rated analysts currently leans heavily towards a Strong Buy or Buy recommendation for PCOR, reflecting confidence in the company's future performance.

Since the latest quarterly report, PCOR's stock price has seen a modest increase, with a year-over-year growth rate of 19.7%. Despite trailing the S&P 500 during this period, Procore Technologies continues to attract positive attention from analysts and investors alike.

KeyBanc analyst Jason Celino, known for their expertise in the Technology and Industrials sectors, holds a favorable ranking among Wall Street analysts. With a track record of solid returns and a high win rate, Celino's endorsement of Procore Technologies further bolsters confidence in the company's prospects.

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