Piper Sandler downgraded nCino (NCNO) to Neutral from Overweight with an unchanged price target of $38. The firm says elevated churn within mortgage that is now facing an estimated revenue headwind of $10M for the full-year pressured the company’s Q4 organic growth outlook. nCino’s risk/reward appears balanced even after the post-earnings selloff giving up a portion of the 41% gains in the last three months, the analyst tells investors in a research note. Piper downgraded the stock on valuation after factoring in lower mortgage and core assumptions.
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