Scotiabank downgrades nCino, sees shares as range-bound after FY26 guidance

As previously reported, Scotiabank analyst Nick Altmann downgraded nCino (NCNO) to Sector Perform from Outperform with a price target of $19, down from $35. While the firm expected FY26 guidance to come in below consensus, the 8%-9% organic ACV guidance and a significant shortfall versus consensus on FY26 revenues “leaves us with more questions” and likely leaves the shares as range-bound in the near-term, the analyst tells investors. The 4% organic subscription revenue guidance, or 7% organic ex-forex and one-time items, surfaces questions over nCino’s addressable market and product market fit, the analyst added.