Procore price target lowered to $75 from $80 at Mizuho

Mizuho analyst Matthew Broome lowered the firm’s price target on Procore to $75 from $80 and keeps a Buy rating on the shares ahead of the Q1 results. Despite a Q1 rally, software stocks remain challenged by macroeconomic pressures and high levels of uncertainty, with recent regional banking failures "adding to collective anxiety levels," the analyst tells investors in a research note. The analyst says many investors" understandably remain cautious about increasing software exposure at this time." The firm’s Q1 software checks were "mixed," reflective of a little more stability than expected for a seasonally weak quarter in a tough environment. Mizuho finds the overall risk/reward on software stocks "quite attractive over the medium-term." However, it has less conviction on a near-term basis.