nCino price target lowered to $16 from $30 at JPMorgan

JPMorgan lowered the firm’s price target on nCino (NCNO) to $16 from $30 and keeps a Neutral rating on the shares. The firm cut price targets across the vertical software group citing the sector’s significant underperformance. The “exponential pace of AI proliferation raises doubts about competitive moats and the defensibility of software companies,” the analyst tells investors in a research note.