Procore price target lowered to $85 from $90 at BMO Capital

BMO Capital lowered the firm’s price target on Procore to $85 from $90 but keeps an Outperform rating on the shares. The company’s Q1 revenue and cRPO growth upside were less than hoped for as Procore continues to navigate a tough demand environment in the construction industry, the analyst tells investors in a research note. BMO remains positve on the name as a long-term outperformer in its market, but acknowledges that a higher for longer interest rate environment raises the difficulty level in the near term.