Procore price target lowered to $66 from $88 at BTIG

BTIG lowered the firm’s price target on Procore (PCOR) to $66 from $88 and keeps a Buy rating on the shares. The company’s 22% cRPO growth vs. consensus at 18% was highly impressive as it was the first tough compare since duration dynamics percolated and bookings strength manifested in the second consecutive quarter of revenue growth acceleration, the analyst tells investors in a research note. While the acceleration has been modest, the underlying bookings strength should bolster investor confidence that go-to-market changes have helped drive better execution without sacrificing margins, the firm adds.