Procore price target lowered to $80 from $95 at Canaccord

Canaccord lowered the firm’s price target on Procore to $80 from $95 and keeps a Buy rating on the shares. The firm said revenue came in stronger than guidance and Street estimates albeit at a smaller magnitude than prior quarters. Procore is executing on its framework for greater operating leverage in slower growth environments, and cRPO growth decelerated but came in better than feared in the face of a still-stubborn demand environment and tougher year-over-year compares.