No. It only marks SPs and triggers affected by sp_recompile to be recompiled next time they used

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>I guess my question is when you recompile a SP using sp_recompile, does it also inherently perform an ALTER on the procedure as well?
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>>SQL Server only compiles SPs when they are executed and stores execution plan in the server cache. It should recompile them automatically on next use. You can issue DBCC FREEPROCCACHE to clear the cache.
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