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- The financial technology software company nCino (NASDAQ:NCNO) was upgraded at Goldman Sachs as the research firm said improved customer loyalty and better cross-selling would lead to accelerated growth.
- Shared times rose by 2.3% in premarket trading on Wednesday.
- “nCino will probably overcome “The various business headwinds it has faced have resulted in a relatively short period of time when rates have peaked, which we believe is manifested by the following factors: the passing of the peak in mortgage churn, an accelerated contribution from younger, non-core products, growth stability in the core commercial lending business, benefits from nCino’s renewed partnership with Salesforce, and continued margin improvement toward the company’s Rule of 50 target,” analyst Adam Hotchkiss wrote in a note to investors.
- Hotchkiss said the above factors, along with nCino’s track record of innovation, its partner ecosystem and its close relationships with major financial institutions, should fuel growth.
- Hotchkiss raised its rating on nCino from “Neutral” to “Buy” and increased its price target from $34 to $42.
- Analysts are largely optimistic about nCino (NCNO). It has a BUY Rating by Seeking Alpha authors, while Wall Street analysts rate it as BUYConversely, Seeking Alpha’s Quant system, which consistently beats the market, rates NCNO as Strong buy.
