Stephens analyst Charles Nabhan downgraded nCino to Equal Weight from Overweight with an unchanged price target of $34 after the company hosted its inaugural investor day on September 28. While “encouraged by the better-than-feared outlook” for mortgage and the SVB/First Citizens relationship, the firm believes that upside is limited by the current valuation and that the slowdown in booking activity seen in the first half could limit upside to FY25 revenue growth.
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