Raymond James upgraded nCino Inc. (NASDAQ: NCNO) to Strong Buy from Outperform and set a $36 price target after a recent pullback it tied largely to macro concerns, with shares gaining more than 5% intra-day Monday. The firm said it saw a more compelling entry point as the company's underlying competitive position had improved.

Expected growth drivers over the next 6-18 months included platform pricing changes (largely incremental versus fiscal 2025), retention trending back toward the historical mid-to-high-90s range, a rebound in enterprise bookings and international momentum, better mortgage activity with further upside if rates fall, and the return of bank M&A as a direct tailwind. Strong competitive positioning and rising incremental margins also underpinned the thesis, the analysts said.

While resurfacing credit risk worries in bank end-markets and broader AI uncertainty had weighed on the stock, Raymond James argued longer-term investors could benefit from today's levels, noting valuation around ~5x revenue and ~20x EBITDA on its fiscal 2027 (≈CY26) estimates.