Procore price target lowered to $76 from $86 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Procore to $76 from $86 and keeps an Overweight rating on the shares. After conducting a few banking "checks," the firm concludes that it remains too early but there is a growing expectation that banks will likely tighten lending at some point later this year. That said, KeyBanc believes investors have already begun to price this in as Procore has underperformed the NASDAQ since March 10. However, competitor construction industry checks remain strong, and the firm is still looking for a solid Q1 beat and for a modest 2023 guidance raise.