Needham analyst Mayank Tandon lowered the price target on nCino Inc. (NASDAQ: NCNO) to $25.00 (from $38.00) while maintaining a Buy rating.

The analyst comments "NCNO's 4Q results came in above estimates on the back of solid subscription revenue growth and continued operating leverage. ACV was up a strong 17% Y/Y (13% organic) in FY26, pointing to building momentum entering FY27. Reflecting the improving trends, management introduced an above-consensus outlook for both 1Q and FY27. NCNO had notable signings in 4Q, including a mortgage expansion with a top 40 bank, a commercial cross-sell to its largest consumer lending customer, and a marquee new customer win in Austria. NCNO also continued to show strong AI momentum, with Banking Advisor usage up 25x since October and 38% of ACV already transitioned to platform pricing. With the shares expected to open at an inexpensive EV/FY28 revenue multiple of ~3x and potential for upside to estimates, we reiterate our BUY rating but lower our target to $25."