Procore price target lowered to $75 from $85 at DA Davidson

DA Davidson analyst Gil Luria lowered the firm’s price target on Procore to $75 from $85 and keeps a Buy rating on the shares. The firm is “level-setting” its expectations to reflect the “meaningful deceleration” in net new customers and existing customer volume commitments, though it also believes that Procore will continue strong margin progress in 2024 – far more so than previously anticipated, the analyst tells investors in a research note.