nCino Inc. (NCNO) PT Raised to $38 at Stephens

Stephens analyst Charles Nabhan raised the price target on nCino Inc. (NASDAQ: NCNO) to $38.00 (from $35.00) while maintaining a Equal Weight rating.

The analyst commented: "Despite a 3Q beat, NCNO reduced its FY guide for revenue, implying ~10% organic growth in 4Q. While the FY target of +50% net bookings growth was reiterated, we expect shares to come under pressure given uncertainty around the '26 outlook and expectations for for 16%-17% organic growth. The guide reduction was due to higher than expected mortgage churn (given M&A in the IMB mkt) and conservatism around the rate environment, w/ mgmt indicating that a 20% vol. increase would drive 10% growth within the vol-based customer base. Ex-mortgage, bookings outperformed domestically, while the int'l closed its largest deal to date in Japan and an expansion agreement with the largest bank in Norway. The long-term bull thesis remains intact, with NCNO well-positioned to capitalize on an increased focus on middle/back-office optimization projects. That said, uncertainty around mortgage and potential delays internationally present a near-term headwind to performance."

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