Procore downgraded to Hold from Buy at Loop Capital

Loop Capital analyst Mark Schappel downgraded Procore to Hold from Buy with a price target of $75, down from $80. The stock is up 53% year-to-date and currently trades at a 14-month high, the analyst tells investors in a research note. The firm expects Procore shares to enter a “period of grinding sideways” due to increasingly difficult compares in the second half of 2023, the “law of large numbers kicking in,” and macro headwinds across the construction space.