nCino Inc. (NCNO) PT Lowered to $85 at Needham & Company

Needham & Company analyst Mayank Tandon lowered the price target on nCino Inc. (NASDAQ: NCNO) to $85.00 (from $100.00) while maintaining a Buy rating.

The analyst commented, "NCNO closed out FY21 on a strong note, comfortably beating expectations. The company generated record new business wins, a 155% net revenue retention rate within the existing client base, and a 39.3% Y/Y jump in the RPO, which now stands at over $600 million. Management also provided an above-consensus outlook on the top-line despite tough compares due to PPP-related revenue in FY21 as the demand for modern cloud-based digital banking solutions continues to increase. Following the results we remain upbeat on NCNO given our view that the company is one of the leading digital banking platforms with a long runway and can generate outsized revenue growth on a multi-year basis. We are reiterating our BUY rating but lowering our target to $85 to reflect lower market valuations for SaaS stocks. NCNO remains our top pick for 2021."

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