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Investing.com - KeyBanc has raised its price target on Procore Technologies, Inc (NYSE:PCOR) to $91.00 from $81.00 while maintaining an Overweight rating on the stock. The construction software company, currently trading at $71.54 with a market cap of $10.74 billion, is trading at approximately its InvestingPro Fair Value.
The construction software company reported third-quarter current remaining performance obligation (cRPO) growth of 23.3%, exceeding expectations for high-teens growth. KeyBanc noted that normalized cRPO growth remains in the mid-teens, consistent with revenue growth of approximately 14.5%. InvestingPro data shows Procore maintains impressive gross profit margins of 80.22% and has achieved 16.08% revenue growth over the last twelve months.
Procore also provided initial 2026 revenue guidance that aligns with current market expectations. The company is undergoing a leadership transition, with CEO Tooey Courtemanche stepping down, though he will remain involved with the company.
KeyBanc views incoming CEO Ajei as a potential catalyst for the company, particularly from an operational execution perspective. The firm cited "continued confidence" as the basis for its higher price target.
The price target increase represents approximately a 12% premium over Procore’s previous valuation from KeyBanc.
In other recent news, Procore Technologies reported its third-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $0.42, compared to a forecast of $0.32. The company’s revenue also exceeded projections, reaching $339 million against an anticipated $328.26 million. Following these results, Canaccord Genuity raised its price target for Procore Technologies to $90, maintaining a Buy rating. The firm cited durable growth, a commitment to margin expansion, and efforts to control equity dilution as key factors in its decision. Similarly, BMO Capital increased its price target to $87 from $82, while maintaining an Outperform rating. BMO Capital noted Procore’s revenue and margin upside, along with solid growth in contracted remaining performance obligations. These developments highlight the company’s strong financial performance and analyst confidence.
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