Procore price target raised to $90 from $80 at Scotiabank

Scotiabank raised the firm’s price target on Procore to $90 from $80 and keeps an Outperform rating on the shares. The company’s Q4 results were strong and it is leaning into enterprise where the market is a bit stronger, which will make for more bookings seasonality in 2024 due to longer sales cycles, the analyst tells investors in a research note. The firm continues to view 2024 estimates as conservative. While there may potentially be less upside to growth estimates versus prior years, the buy thesis remains intact, says Scotiabank.