Procore price target raised to $77 from $70 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Procore to $77 from $70 and keeps an Overweight rating on the shares. The firm enters 2024 with a higher degree of optimism for application software based on stabilizing demand fundamentals after two years of moderation, a declining interest rate backdrop sparking greater appetite for growth stocks, new secular tailwinds for cloud and data driven by a generational shift to AI, CIO survey optimism showing accelerating cloud and AI spending intentions, and favorable risk-reward scenarios on 2025 metrics.