Procore price target raised to $85 from $71 at BMO Capital

BMO Capital raised the firm’s price target on Procore (PCOR) to $85 from $71 and keeps an Outperform rating on the shares. The company’s Analyst Day presentation provided a solid strategic framework to gradually reaccelerate growth and consistently expand margins in the medium term, as it navigates an ongoing tougher macro backdrop, the analyst tells investors in a research note. The firm is “supportive” of the product and market opportunity for Procore as the company puts in place technical and geographic sales resources consistent with its update this summer, BMO added.