BMO Capital analyst Daniel Jester lowered the firm’s price target on Procore (PCOR) to $75 from $85 and keeps an Outperform rating on the shares. Procore shares have significantly lagged the broader software space since mid-February’s Q4 results, reflecting macro worries and incremental uncertainties regarding the business outlook following the announced transition plan for the CEO, the analyst tells investors in a research note. Intra-quarter data suggests consensus 1Q cRPO growth of 15% is achievable, although potential upside may be limited, BMO adds.
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