Goldman Sachs upgraded nCino to Buy from Neutral with a price target of $42, up from $34. The analyst says nCino is likely to overcome the various business headwinds it has faced into peaking interest rates “in relatively short order.” The company is lapping peak mortgage customer churn, accelerating contribution from its more nascent, non-core products, and should see growth stability in the core commercial lending business, the analyst tells investors in a research note. Goldman points out the shares have underperformed its two other covered companies in the bank technology space by 48 points year-to-date.
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