nCino (NCNO) stock is surging 5% in pre-market trading on Thursday, following the release of its strong Q1 earnings report and a wave of positive analyst reactions. The cloud banking software provider has impressed investors with its financial turnaround and improved outlook.

The company's Q1 performance exceeded expectations, prompting several Wall Street analysts to raise their price targets. Truist Securities increased its target from $21 to $27, while Barclays lifted its projection from $24 to $31, maintaining an Overweight rating. Other firms, including Piper Sandler, Morgan Stanley, and Bank of America, also raised their price targets, reflecting growing confidence in nCino's business model and growth prospects.

Keefe Bruyette was particularly bullish, raising its price target to $33 from $28 and reiterating an Outperform rating. The firm cited nCino's "beat-and-raise" quarter as the catalyst for their increased optimism. This positive sentiment is echoed across the analyst community, with the average rating for nCino now standing at Overweight and the mean price target at $29.40, according to FactSet data.

The surge in nCino's stock price reflects investor enthusiasm for the company's improved financial performance and the vote of confidence from Wall Street analysts. As the market opens, all eyes will be on nCino to see if it can maintain this momentum and continue its upward trajectory.