nCino initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of nCino with a Neutral rating and $32 price target, which implies 4% upside. The analyst views nCino as a fast growing bank operating platform that allows financial institutions to streamline front-office, middle-office, and back-office processes and data silos. That said, with the company’s growth slowing and mortgage uncertainty impacting near-term numbers, the stock’s valuation is reflective of the risk/reward pending better visibility into growth reacceleration, the analyst tells investors in a research note.