NCino falls after Morgan Stanley turns bearish on outlook risk

nCino

20/09/2023 15:15

** Shares of cloud-based banking software firm nCino
 NCNO.O  fall 6.3% to $31 
    ** Morgan Stanley Research downgrades stock to "underweight"
from "equal-weight"
    ** Stock on track for biggest single-day percentage loss
since early June 2023, if losses hold 
    ** Morgan Stanley says co's FY25 outlook look too high when
accounting for recent booking challenges and revenue headwinds
    ** Says co's stock trading at a premium to peers on elevated
numbers, to face growth challenges in next one to two years 
    ** Sets lowest price target on Wall Street at $24
    ** Of the 16 analysts covering stock, 7 say "buy" or higher,
8 say "hold" and one says "sell", median PT at $33
    ** NCNO up 17% YTD, including session's losses 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))