Procore price target raised to $85 from $80 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on Procore to $85 from $80 and keeps an Overweight rating on the shares. The firm notes Procore posted another strong top- and bottom-line beat, and raised 2023 guidance. More importantly, cRPO of 33% came in much better than expectations of 27% and KeyBanc’s more optimistic preview of 30%. While the company noted customer cautiousness has grown slightly more pronounced in 2Q, customer volume and module expansion activity continues to far exceed downgrade activity, the firm adds.