** Shares of banking software platform nCino rise as much 3.4%, last up 1.6% at $30.45
** Raymond James upgrades NCNO to "outperform" from "market perform"; assigns PT of $38, which represents a 26.9% upside to stock's last close
** Brokerage says NCNO faced a difficult bookings backdrop last year, but it sees several signs of momentum increasing with net bookings up 17% YTD
** Adds that there was more "noise" in the Q2 2025 results than any substantive concerns
** NCNO shares slumped 14% on Aug. 28 after it kept its annual revenue outlook unchanged, disappointing investors who were hopeful for an increase in the forecast
** Brokerage says the lack of a raise to the outlook this year has had more to do with setting a higher bar at the start of the year rather than any real underperformance in H1 2025
** As of last close, NCNO shares were down 10.9% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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