Procore price target lowered to $60 from $70 at Oppenheimer

Oppenheimer analyst Ken Wong lowered the firm’s price target on Procore to $60 from $70 and keeps an Outperform rating on the shares. The analyst also reduced estimates across nearly his entire coverage to reflect the weak macro climate, lengthening sales cycles, and expectations for tighter IT budgets. Wong sees stabilizing FX and supply chain as potential sources of relief to growth headwinds.