Procore price target lowered to $80 from $90 at TD Cowen

TD Cowen analyst Andrew Sherman lowered the firm’s price target on Procore (PCOR) to $80 from $90 and keeps a Buy rating on the shares. The firm previewed its results where they expect a revenue beat & FY26 guide in-line. They note nonresidential construction spending remains sluggish, as does the ABC’s bookings indicator, but is stronger for larger contractors due to DCs.