Procore price target raised to $90 from $70 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Procore (PCOR) to $90 from $70 and keeps an Overweight rating on the shares following the analyst day. Procore’s commitment to building a durable model that can consistently compound free cash flow per share over multiple years was punctuated by the 40%-plus free cash flow margin reference, the analyst tells investors in a research note. While Piper views this as aspirational, the firm says it does reinforce the compelling opportunity that lies ahead for Procore investors with a multi-year time horizon. The firm advises growth investors to opportunistically add to positions over the next 6-9 months.