Core Viewpoint - Procore Technologies Inc. is identified as one of the best beaten-down growth stocks to consider for investment, despite a recent target price cut by KeyBanc due to market concerns regarding generative AI's impact on valuation multiples in the software industry [1][2]. Group 1: Financial Performance and Expectations - KeyBanc has reduced its target price for Procore from $91 to $80, a decrease of 12.1%, while maintaining an Overweight rating on the stock [1][7]. - The upcoming Q4-2025 results, scheduled for release on February 12, are anticipated to be a catalyst for Procore's stock, with expectations of revenue and current remaining performance obligation (cRPO) exceeding street estimates, projecting normalized growth rates in the mid-teens [2]. Group 2: Strategic Developments - Procore's recent acquisition of Data Grid is expected to be a significant topic during the upcoming earnings call, with the company aiming to enhance its AI capabilities in construction management [3]. - The integration of Data Grid's AI and deep search capabilities is described as transformative, enabling customers to connect siloed data and unlock the value of construction data, thereby fostering innovation [3]. Group 3: Company Overview - Procore Technologies Inc. is a cloud-based provider of construction management software, founded in 2002 and headquartered in Carpinteria, California [4].

Summary of Key Points from the Conference Call Industry Overview - The software industry is experiencing a reset in valuations due to concerns over AI disruption, which has become a central topic in investment discussions [1][2] - The analysis focuses on four companies: MongoDB, Rubrik, Nutanix, and Procore, using an AI Impact Framework to assess risks and opportunities related to AI [1] Core Insights and Arguments AI Impact Framework - The framework evaluates companies across six dimensions: orchestration risk, monetization exposure, system-of-record ownership, data and integration moat, AI execution, and budget alignment [11] - Companies with strong data management and operational roles are expected to benefit from AI rather than be undermined by it [1][10] Company-Specific Analysis 1. **MongoDB** - Down 18% YTD, but viewed as a long-term AI beneficiary due to its insulated position from seat disruption fears [15][16] - Expected to see significant growth in AI workloads by FY27, with a stable core business supporting larger deployments [16][21] - MongoDB's architecture is well-suited for AI applications, enhancing its relevance in the AI stack [21][22] 2. **Rubrik** - Down 33% YTD, but has shown strong ARR growth and profitability [23] - Positioned as a primary consolidator in backup and recovery, with a focus on data security in the AI era [27][29] - The monetization model based on data under management aligns well with the growth of AI-driven activity [29][32] 3. **Procore** - Down 30% YTD, facing concerns over workflow exposure to AI disruption [31] - Operates as a primary data aggregation layer for construction workflows, maintaining structural relevance [31][37] - The pricing model based on construction volume limits exposure to seat compression risks [38][39] 4. **Nutanix** - Down 22% YTD, facing challenges related to demand elasticity and AI disruption fears [41] - Positioned at the infrastructure layer, which is insulated from AI-driven automation risks [44] - The company is focusing on hybrid multi-cloud opportunities, which remain relevant despite near-term uncertainties [50] Additional Important Insights - The recent selloff in software stocks is attributed more to shifts in investor sentiment rather than fundamental deterioration [2][4] - AI innovation is accelerating, with new developments indicating that AI will reinforce long-term growth for many companies [1] - The analysis suggests that the market is applying a broad risk premium, creating potential opportunities in software businesses with intact fundamentals [4][10] Valuation and Risks - MongoDB's price target is set at $475, with key risks including competition from relational database incumbents and potential slowing in cloud migration [48][49] - Rubrik's price target is lowered to $80, with risks including competition and elevated product development costs [50][52] - Procore's price target is set at $75, with risks related to competition and execution challenges in international markets [53][54] - Nutanix maintains a price target of $60, with risks tied to public cloud adoption and competition in the hybrid multi-cloud space [55][56] This summary encapsulates the key points discussed in the conference call, highlighting the industry context, company-specific insights, and valuation considerations.

Company Overview - Procore Technologies, Inc. (NYSE:PCOR) is an enterprise software company that provides a cloud-based platform for managing project planning, site safety, and financial tracking in the construction industry [2]. Market Position and Competition - Procore is facing significant pressure from competitors who believe they can replicate its software offerings using AI technologies, such as Claude from Anthropic [1]. - Despite competition and concerns about soft construction demand, Procore has been able to secure new contracts and expand existing ones, particularly in non-residential segments like datacentres, manufacturing, and healthcare [2]. Financial Outlook - Procore is expected to see revenue growth re-accelerate towards high-teens percentage as overall construction demand improves and industry digitization drives technology adoption [2]. - The company is well-positioned to increase its market share in new geographies and segments, which could further enhance its growth prospects [2].

Core Viewpoint - Procore Technologies, Inc. (PCOR) is viewed positively due to its ongoing global and domestic expansion opportunities, maintaining a "Buy" rating for the company [1] Company Analysis - The company is actively finding ways to enhance its business operations, indicating a proactive approach to growth and market adaptation [1]

Core Viewpoint - Procore Technologies, Inc. (PCOR) is viewed positively due to its ongoing global and domestic expansion opportunities, maintaining a "Buy" rating for the company [1] Company Summary - The company is actively finding ways to enhance its business operations, indicating a proactive approach to growth and market adaptation [1]

Core Viewpoint - Credissential Inc. has had its management cease trade order revoked by the Alberta Securities Commission, allowing unrestricted trading of its securities [1][2]. Group 1: Management Cease Trade Order - The management cease trade order (MCTO) was issued by the Alberta Securities Commission on October 31, 2025, and has been revoked as of January 3, 2026 [1][2]. - The revocation means that trading in the securities of Credissential is no longer subject to the restrictions imposed by the MCTO [2]. Group 2: Company Background - Credissential is described as a vertically integrated AI software development company focused on financial services [1][4]. - The company expresses gratitude to the Alberta Securities Commission for their cooperation and guidance during the MCTO process, as well as appreciation for the support of its shareholders [3].

Core Insights - Pinnacle Silver and Gold Corp. has successfully conducted an airborne LiDAR survey over the El Potrero gold-silver project in Durango, Mexico, confirming known structural trends and identifying new structures, including 64 adits, 6 shafts, and 51 prospecting pits [1][2] Group 1: Survey Results - The LiDAR survey confirmed the 1,600 metre known strike length of the Dos de Mayo vein system and identified new structures with artisanal workings, indicating potential vein material [2] - The survey covered the entire 11 km² property and was conducted by Eagle Mapping Ltd., with data interpretation by GeoCloud Analytics [9][10] Group 2: Geological Insights - The northern El Potrero claim block shows 3 shafts, 50 adits, and 29 pits outlining the Dos de Mayo vein system, with potential extensions indicated to the southeast [6] - The Maria Fernanda 2 claim block has 3 shafts, 14 adits, and 22 pits, with indications of a northwest-southeast trending structure and potential buried hydrothermal systems [7] Group 3: Project Potential - The El Potrero project is located in a prolific mining region, within 35 kilometres of four operating mines, and has significant exploration potential due to its underexplored status [12][13] - A previously operational 100 tpd plant can be refurbished for near-term production, with the property being road accessible and close to power lines [14] Group 4: Company Strategy - Pinnacle aims to earn an initial 50% interest upon commencing production, with plans to generate cash flow for further development and increase ownership to 100% [15] - The company is focused on developing precious metals projects in the Americas, with a commitment to building long-term value for shareholders [16]

Core Insights - The Building for Tomorrow Summit aims to reshape the resilience, sustainability, and long-term viability of America's built environment, featuring Tooey Courtemanche, Founder and Chairman of Procore Technologies, as the keynote speaker [1][4] - The summit gathers leaders from public and private sectors to create a unified approach to improving infrastructure resilience and smart capital investment across various systems [2] Company Insights - Procore Technologies, under the leadership of Courtemanche, has evolved into a leading global provider of construction management software, impacting millions of users and transforming the planning, construction, and maintenance of the built environment [3] - Courtemanche emphasizes the importance of connecting technology with collaborative efforts in policy alignment, building codes, and investment strategies to advance resilient infrastructure [4] Industry Insights - The summit will utilize Southern California's recent wildfire crises as a case study to promote national action, facilitating coordination among federal, state, local agencies, utilities, and private-sector stakeholders [5] - The National Institute of Building Sciences (NIBS) serves as a key organization in advancing innovation in the built environment, focusing on creating safer, more resilient, and technologically advanced infrastructure [6][8]

Core Viewpoint - The Barclays Tech Conference features a discussion with Procore's leadership, highlighting the company's focus on software solutions in the construction industry [1]. Group 1 - The event is hosted by Saket Kalia from Barclays Bank, who specializes in software research [1]. - Howard Fu, the Chief Financial Officer of Procore, and Alexandra Geller, Head of Investor Relations, are present for the discussion [1]. - The format includes a fireside chat for the first 20 to 25 minutes, followed by an interactive Q&A session [1].

Core Insights - The traditional consumer journey in home projects is inefficient and cash-intensive, prompting retailers and construction managers to adopt AI for a more streamlined decision-making process [1] Group 1: Lowe's AI Initiatives - Lowe's has implemented the Mylow Companion across over 1,700 stores, providing in-store associates with real-time access to product specifications and inventory status [3] - The Mylow Companion tool enables associates to assist customers with material comparisons and installation steps, bridging the experience gap between new and seasoned employees [4] - Lowe's also launched a customer-facing version of the technology, Mylow, which offers AI-generated recommendations for home projects through its website and mobile app [5] Group 2: Home Depot AI Tools - Home Depot introduced Magic Apron, a conversational AI tool that aids customers in researching home improvement projects and planning [6] - The company also released Blueprint Takeoffs, which analyzes architectural drawings to generate material lists and cost estimates for contractors [7] - Home Depot's project-planning platform allows contractors to create materials lists, track orders, and set delivery preferences, enhancing their role in early project planning [9] Group 3: Procore's AI Features - Procore has integrated new AI capabilities through Procore Helix, which analyzes construction drawings to identify challenges and potential cost savings [11] - The platform can summarize lengthy specification manuals and draft standard documents, improving efficiency for project managers [12] - Procore's AI tools also analyze job-site photos to provide relevant information for safety and progress reporting, reducing administrative workloads [12]