Piper Sandler raised the firm’s price target on nCino (NCNO) to $28 from $25 and keeps a Neutral rating on the shares. The firm says that not many surprises came out of the Q1 print following the outperformance noted in the preliminary release last week. The 2.3% top-line subscription beat to the midpoint guide benefited from ~$0.8M quarter-to-quarter U.S. mortgage contribution following a very conservative guide to start the year. That said, Piper is raising estimates on better-than-feared mortgage subscription growth rates and cost containment efforts that could sustain high-teens EBIT growth.
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