nCino upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded nCino (NCNO) to Strong Buy from Outperform with a $36 price target Following the recent pullback driven by macro concerns, nCino shares appear increasingly attractive given improving market positioning and multiple potential growth catalysts, the analyst tells investors in a research note. Key drivers include platform pricing changes, rising retention toward historical levels, renewed enterprise and international momentum, strengthening mortgage activity, and a rebound in bank M&A, Raymond James says, adding that despite near-term credit risk and AI-related uncertainty, strong competitive positioning and expanding margins support a favorable 6-18 month outlook with meaningful upside potential.