nCino price target raised to $45 from $40 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on nCino (NCNO) to $45 from $40 and keeps a Buy rating on the shares. The company’s Q3 results came in above expectations across the board due to solid subscription revenue growth and effective cost management, and its sales execution remains impressive as its RPO – Remaining Performance Obligation – jumped 5.3%from Q2 and 19.4% y/y, driven by wins in both the U.S. and international markets, the analyst tells investors in a research note. The mortgage headwinds are temporary and the sell-off in nCino shares is overdone, Needham adds.