Not necessarily, Mic. I read one time that if you couldn't pick up a target in PP but it showed up just fine in discriminate, your machine could be out of ground balance. I've had that happen on occasion with my XLT and didn't know what was wrong with me or the machine. The next time it did happen, I remembered to manually ground balance, and lo and behold, the target popped right up in PP.
I assume you are using auto tracking for ground balance, and of course your machine is trying to adjust to keep itself in ground balance with whatever soil conditions are currently under the coil. But it doesn't jump immediately every time the return signal changes - if it did you would never hear a target. Remember, ground balance is setting the machine to ignore the signal returned from the ground mineralization without a target there. But since the machine is set to adjust GRADUALLY to changing soil conditions, it is almost always A LITTLE out of balance. If the soil change is sudden (like when moving from dry dirt to wet dirt), it may take the detector some time to rebalance. Meanwhile, you are going to be out of ground balance. I think the best idea here (everyone correct me if I'm wrong) is to pay attention to the soil conditions and manually ground balance whenever you notice a substantial change.
I don't understand why ground balance is so critical in DC (pinpoint) mode, but it is. So, if you can't pick up your target in PP after hearing a good repeatable target in discriminate, just turn around, find a spot without a target, and ground balance. Bet'cha you'll pick up your target then. The only other reason I can think of is that either your DC gain is too low or you do, in fact, have a problem with the DC amp or A/D converter. But if it works some times, and this PP problem is only occasional, try a manual ground balance to see if it solves the problem...