Morgan Stanley analyst Michael Infante maintained a Hold rating on nCino yesterday and set a price target of $33.00.
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Michael Infante has given his Hold rating due to a combination of factors, including a more achievable setup for nCino’s financial performance in FY26 and potential upside drivers into FY27. While the company has lowered its forward subscription revenue growth estimates, making it easier to meet targets, Infante remains cautious and prefers to see more evidence of growth in the U.S. commercial business before upgrading his rating.
Infante acknowledges the potential for modest beats and raises throughout the year, supported by improved visibility into quarterly ACV performance. However, he maintains a Hold rating, as he seeks further confirmation of successful execution and adoption of the Banking Advisor product within the U.S. commercial sector. Additionally, while the price target has been raised to $33, Infante is looking for a better entry point and more detailed insights into intra-year ACV performance before becoming more optimistic about the stock.
In another report released on July 18, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $33.00 price target.
Based on the recent corporate insider activity of 87 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NCNO in relation to earlier this year.