Procore price target raised to $72 from $69 at Loop Capital

Loop Capital raised the firm’s price target on Procore to $72 from $69 and keeps a Hold rating on the shares. The analyst cites the company’s Q1 earnings beat and guidance raise. While qualitative commentary on the demand environment was little changed since the Q4 earnings call as management continues to emphasize the cautious demand environment, stability was noted among the renewal base, giving Procore confidence in its planning assumptions for the business, the firm tells investors in a research note.