Morgan Stanley upgraded nCino to Equal Weight from Underweight with a price target of $27, up from $24. The firm says the market is now expecting nCino’s fiscal 2025 estimates to be in-line with its below-consensus estimates. Meanwhile, the stock’s valuation is more reasonable in context of continued margin and free cash flow expansion and following the recent underperformance versus the vertical software group, the analyst tells investors in a research note.
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