nCino downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded nCino (NCNO) to Neutral from Buy with a price target of $24, down from $42, following last night’s results. The firm says it underestimated the magnitude of the slowdown in the company’s core commercial business from both internal execution challenges and external headwinds. nCino is now a “show me” story in a difficult environment that will likely need multiple quarters of execution for the shares to outperform from here, the analyst tells investors in a research note. Goldman believes nCino’s slowing core business and operational challenges elongate its path for shareholder returns.