JPMorgan cuts Procore target, removes from Analyst Focus List

JPMorgan lowered the firm’s price target on Procore to $75 from $90 and keeps an Overweight rating on the shares. The analyst says the biggest surprise from the earnings call was the announcement of major organizational changes being made to Procore’s go-to-market operating model. The firm reset its financial outlook to reflect the organizational changes and removed Procore from its Analyst Focus List. However, it continues to view the investment case as attractive on a mid-term horizon.