Procore price target raised to $75 from $68 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Procore (PCOR) to $75 from $68 and keeps a Hold rating on the shares as part of a broader research note fine-tuning estimates on select Software names. The firm notes that its inputs with company management, field personnel, and potential buyers suggest that business fundamentals remain relatively consistent with recent quarters, setting the stage for most software vendors to report in line to slightly better-than-expected December prints. For the company, Loop adds that its higher price target reflects expected benefit from the early renewals as customers attempt to lock in prices ahead of anticipated price increases and sales reps pulling deals in early ahead of meaningful comp plan changes and new account assignments in January, the analyst tells investors in a research note.