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Monday, KeyBanc analysts adjusted their price target on Procore Technologies , Inc (NYSE: NYSE:PCOR) to $77 from the previous $96, while maintaining an Overweight rating on the company’s shares. Currently trading at $56.09 with a market capitalization of $8.4 billion, the stock has seen a 22% decline year-to-date. The adjustment comes ahead of Procore’s first-quarter earnings report set for May 1, after market close. According to InvestingPro data, analyst targets for PCOR range from $60 to $110.
The analysts believe that while Procore could report an upside in its first-quarter calculated Remaining Performance Obligations (cRPO), broader macroeconomic uncertainties and the impact of tariffs are likely to overshadow this potential. These factors may further delay the construction recovery that investors had anticipated for 2025. Despite challenges, the company maintains impressive gross profit margins of 82.2% and achieved 21.2% revenue growth in the last twelve months.
KeyBanc’s projection for Procore’s first-quarter cRPO growth stands at 13.5%, which is below the consensus estimate of 15.7%. Despite the lowered price target and the cautious stance on the second half of 2025 due to heightened macro uncertainty, the analysts remain optimistic about Procore’s long-term opportunity.
The new price target is based on a 7.5x 2026 Enterprise Value/Sales multiple, reflecting a recent pullback in the company’s valuation multiple. This revision suggests that while KeyBanc is positive about Procore’s first-quarter performance, they are also acknowledging the potential for downward revisions to estimates given the current economic climate.
In other recent news, Procore Technologies, Inc. has announced a significant leadership transition as Founder and CEO Tooey Courtemanche plans to shift to the role of Executive Chairman. The company has initiated a comprehensive search for a new CEO, a move that has been met with varied reactions from analysts. BMO Capital Markets, Stifel, and Citizens JMP have all maintained their positive outlooks on Procore, with price targets ranging from $93 to $95. Analysts have expressed confidence in the company’s strategic direction and leadership changes, noting that Courtemanche will focus on product development and strategic relationships. The company has also reaffirmed its 2025 financial guidance, projecting a growth rate of 12% and an improvement in non-GAAP operating margin by 300-350 basis points. Despite these affirmations, Procore’s stock experienced declines in recent trading sessions. Analysts from JMP Securities highlighted the stability in Procore’s strategic direction amidst the CEO search, maintaining a Market Outperform rating. The ongoing leadership transition is seen as a strategic move to optimize Procore’s future growth and market position.
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