Procore price target raised to $91 from $82 at Piper Sandler

Piper Sandler raised the firm’s price target on Procore (PCOR) to $91 from $82 and keeps an Overweight rating on the shares. Guiding to 14% FY25 EBIT margins, Procore is well on the way to delivering over 400bps of margin expansion this year while still producing durable growth. Execution appears to only be improving with two quarters of strong net new ARR results and encouraging traction with large deals across an increasingly diversified customer base, the firm says.