Procore price target raised to $80 from $77 at Piper Sandler

Piper Sandler raised the firm’s price target on Procore to $80 from $77 and keeps an Overweight rating on the shares. Procore’s Current Remaining Performance Obligation growth of 24% year over year was better than expected due to solid execution, and while the firm is pleased by a solid growth outlook of 20% for 2024, commentary that cRPO could remain volatile and slip below 20% on a quarterly basis suggests that headwinds within construction persist, the analyst tells investors in a research note.