Procore price target lowered to $75 from $85 at TD Cowen

TD Cowen analyst Andrew Sherman lowered the firm’s price target on Procore (PCOR) to $75 from $85 and keeps a Buy rating on the shares. The firm updated its model ahead of Q1 results where they expect a revenue beat and raise to FY26. They model cRPO growth of 20% & expect another beat driven by mid-teens normalized and some duration tailwind, albeit a moderating one. they also look forward to hearing from the new CFO and CRO.