nCino price target lowered to $37 from $40 at Truist

Truist lowered the firm’s price target on nCino to $37 from $40 and keeps a Buy rating on the shares. The company’s Q3 results were “solid” but “largely overshadowed” by greater than expected IMB churn and continued difficulty in enterprise sales cycles, the analyst tells investors in a research note, adding that its FY24 guidance accordingly reflects 9% churn – up from 6% previously expected – and enterprise lumpiness, the analyst tells investors in a research note. The firm is also cutting its FY25 expected revenue view to $532M from $545M.