Procore downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Procore Technologies to Equal Weight from Overweight with a price target of $54, down from $78. The analyst cites potential disruption from the G2M transition for the downgrade. While the right move for the business longer term, Procore will increase hiring in areas like product sales specialists, which can be disruptive through fiscal 2025, the analyst tells investors in a research note.