Piper Sandler lowered the firm's price target on Procore to $71 from $79 and keeps an Overweight rating on the shares. The firm notes Procore reported solid Q1 results with a $7.3M beat vs. midpoint and raising FY26 expectations by $9.5M. While the beat was a few million dollars shy of the average, Piper believes investors took issue with the shape of the curve. The back-end loaded dynamic - while ever so slight - creates the impression of second half of the year risk as without reinforcing Q1 bookings were strong enough to raise Q2, Piper adds.
