nCino rises after Raymond James upgrades to 'outperform'

nCino

03/09/2024 17:22

** Shares of banking software platform nCino  NCNO.O  rise
as much 3.4%, last up 1.6% at $30.45
    ** Raymond James upgrades NCNO to "outperform" from "market
perform"; assigns PT of $38, which represents a 26.9% upside to
stock's last close
    ** Brokerage says NCNO faced a difficult bookings backdrop
last year, but it sees several signs of momentum increasing with
net bookings up 17% YTD
    ** Adds that there was more "noise" in the Q2 2025 results
than any substantive concerns 
    ** NCNO shares slumped 14% on Aug. 28 after it kept its 
annual revenue outlook unchanged, disappointing investors who
were hopeful for an increase in the forecast
    ** Brokerage says the lack of a raise to the outlook this
year has had more to do with setting a higher bar at the start
of the year rather than any real underperformance in H1 2025
    ** As of last close, NCNO shares were down 10.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))