KeyBanc Cut its Target Price on Procore Technologies (PCOR) to $80

Procore Technologies Inc. (NYSE:PCOR) is one of the 11 Best Beaten Down Growth Stocks to Buy Now.

On February 6, KeyBanc cut its target price on Procore by 12.1% to $80 (from $91) but retained its Overweight call on the stock. The recent pullback in valuation multiples across the software industry, due to Wall Street’s jitters regarding the impact of generative AI, was the main catalyst for this cut in target price.

The firm, however, sees the company’s upcoming Q4-2025 results, which will be released on February 12, as a potential catalyst for Procore’s stock. KeyBank expects Procore’s revenue and current remaining performance obligation (cRPO) in Q4 to beat street estimates, with normalized growth rates at around the mid-teens. TD Cowen and UBS shared this sentiment regarding a potential revenue beat in their own research notes.

A second key item that KeyBank expects to hear more about during the upcoming earnings call is the company’s recent acquisition of Data Grid. Last January 20, Procore announced that it had acquired Datagrid. Steve Davis, Procore’s President of Product and Technology, had this to say about the deal:

”The combination of Datagrid and Procore is transformative. Together, we’re providing one of the broadest AI portfolios in construction. By integrating Datagrid’s AI and deep search capabilities, we will enable customers to bridge the gaps between siloed data and initiate actions across their entire ecosystem. This connectivity unlocks the true value of construction data, allowing our customers to innovate faster and focus on building the world around us.”

As of today, however, the exact financial terms of the deal have not yet been disclosed.

Procore Technologies Inc. (NYSE:PCOR) is a cloud-based provider of construction management software. The company is based in Carpinteria, California, and was founded in 2002 by Craig F., Courtemanche Jr., and Steven C. Zahm.

While we acknowledge the potential of Procore Technologies Inc. (NYSE:PCOR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.