nCino price target lowered to $28 from $38 at Piper Sandler

Piper Sandler lowered the firm’s price target on nCino (NCNO) to $28 from $38 and keeps a Neutral rating on the shares. The firm notes the formal growth outlook of 6.6% at the midpoint was well below 13.3% consensus expectations, overshadowing healthy Q4 bookings. Despite the expectation that growth could moderate to 6%-7% from 13% last year on mortgage industry headwinds and macro uncertainty, Piper is encouraged that nCino remains committed to driving profitable growth with the mid-point operating margin guide of 19% as acquisitions created a temporary drag on the OM profile.