Procore price target lowered to $77 from $96 at KeyBanc

KeyBanc lowered the firm’s price target on Procore (PCOR) to $77 from $96 and keeps an Overweight rating on the shares ahead of quarterly results. While the firm sees the potential for Procore to post Q1 cRPO upside, increasingly uncertain macro/tariffs impact likely delays the construction recovery investors were hoping to see in 2025. Hence, KeyBanc sees downside estimates potential to the Street’s Q4 cRPO growth estimate of 15.7%. The firm remains positive on Procore’s long-term opportunity and tactically, is positive on the Q1 setup, but remains attentive to the second half of 2025 construction outlook given the heightened macro uncertainty.