nCino price target raised to $33 from $28 at BofA

BofA raised the firm’s price target on nCino to $33 from $28 and keeps a Buy rating on the shares after the company reported “overall healthy Q2 results” and raised its full year outlook “modestly” to reflect stabilization in its financial services vector end market. While the macroeconomy and interest rate environment may cause volatility in the near-term given nCino’s financial services exposure, BofA thinks nCino will continue to gain share of the banking software market and continues to see a favorable risk-reward, the analyst tells investors.