nCino downgraded on extended sales cycles at KeyBanc

KeyBanc downgraded nCino to Sector Weight from Overweight without a price target. Recent channel checks indicate that software sales cycles remain extended as banks spend more time on diligence and on the margin appear less willing to commit to large projects, the analyst tells investors in a research note. As a result, the firm believes near-term improvement in enterprise sales cycles, a key positive catalyst for nCino, is unlikely.