nCino Inc. (NCNO) PT Lowered to $40 at Needham

Needham analyst Mayank Tandon lowered the price target on nCino Inc. (NASDAQ: NCNO) to $40.00 (from $42.00) while maintaining a Buy rating.

The analyst commented: "NCNO posted 2Q25 results which came in above expectations on both the top and bottom line on the back of 14% subscription revenue growth and expense management efforts. NCNO signed its largest portfolio analytics bank customer, extended a relationship with its largest UK client, and continued to add new logos and cross-sell products. While RPO grew 12% Y/Y, it dipped 2.6% Q/Q which we believe is the main driver behind the ~10% after-hours pull-back in the shares. We note that 1Q25 was a record sales quarter for NCNO and bookings can be lumpy on a Q/Q basis. We believe execution remains strong as reflected in the solid outlook and pace of deal wins and recommend investors buy on the weakness. We reiterate our BUY rating but trim our target to $40."

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