nCino (NCNO – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Koji Ikeda from Bank of America Securities maintained a Buy rating on the stock and has a $45.00 price target.
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Koji Ikeda’s rating is based on the recent CEO succession plan announced by nCino, where Sean Desmond, formerly the Chief Product Officer, has been appointed as the new President and CEO. The transition is not entirely unexpected, as it was mentioned in the previous earnings call, suggesting a well-considered plan for leadership change. The continuation of founder Pierre Naude as Executive Chairman provides stability during this transition.
Despite potential execution risks associated with any leadership change, Ikeda maintains a positive outlook for nCino, noting that the company’s FY25 revenue guidance aligns closely with expectations. The price objective of $45 indicates a significant upside potential of 32% from the current price, supported by nCino’s leadership in its category and improving margins, which justify a premium valuation compared to its peers.
In another report released today, KBW also maintained a Buy rating on the stock with a $44.00 price target.