Raymond James upgraded nCino Inc. (NASDAQ: NCNO) to Strong Buy from Outperform and set a $36 price target after a recent pullback it tied largely to macro concerns, with shares gaining more than 5% intra-day Monday. The firm said it saw a more compelling entry point as the company’s underlying competitive position had improved.
Expected growth drivers over the next 6–18 months included platform pricing changes (largely incremental versus fiscal 2025), retention trending back toward the historical mid-to-high-90s range, a rebound in enterprise bookings and international momentum, better mortgage activity with further upside if rates fall, and the return of bank M&A as a direct tailwind. Strong competitive positioning and rising incremental margins also underpinned the thesis, the analysts said.
While resurfacing credit risk worries in bank end-markets and broader AI uncertainty had weighed on the stock, Raymond James argued longer-term investors could benefit from today’s levels, noting valuation around ~5x revenue and ~20x EBITDA on its fiscal 2027 (≈CY26) estimates.
