Morgan Stanley analyst Michael Infante lowered the firm’s price target on nCino (NCNO) to $23 from $39 and keeps an Equal Weight rating on the shares. International bookings weakness, a lengthy DocFox integration and mortgage softness lead to a materially weaker-than-expected FY26 outlook, notes the analyst, who sees the stock reaction being based on further mortgage weakness, international bookings challenges, and tempering of subscription acceleration expectations.
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