Procore Technologies retains Buy rating on TD Cowen

Published 20/08/2024, 15:54
Procore Technologies retains Buy rating on TD Cowen

TD Cowen has maintained its Buy rating and $65.00 price target for Procore Technologies , Inc (NYSE: NYSE:PCOR).

Following a webinar held last Friday, the firm believes that the management of Procore Technologies effectively communicated the details of its new go-to-market (GTM) changes.

During the webinar, Procore's management addressed the timing of the GTM transition, explaining that the changes had been planned for some time. They provided insights into why the company chose the current moment to implement these changes.

The firm expressed confidence that although the transition will require time to fully integrate, it is expected to be beneficial for the company in the long term.

TD Cowen highlighted the stock's current valuation, noting that Procore Technologies is trading at approximately 5.5 times its expected enterprise value to CY26E sales.

This valuation is viewed as attractive by the firm, suggesting a favorable outlook for the stock's future performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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