nCino price target lowered to $42 from $43 at Baird

Baird lowered the firm’s price target on nCino (NCNO) to $42 from $43 and keeps a Neutral rating on the shares. The firm said they delivered solid Q3 growth but its Q4 outlook was below expectations. Core US markets remain strong and International saw large deal activity as anticipated; mortgage, meanwhile, remains an offset, with management acknowledging higher churn and more muted 4Q recovery scenario as rates remain elevated.