As previously reported, Piper Sandler analyst James Fish downgraded Nice (NICE) to Neutral from Overweight with a price target of $187, down from $213, citing a 2% Cloud miss, guide-down of Q4 sale and organic Cloud growth and the “likely realization that Cloud numbers are too high for out-years.” The firm points to the “disappointing results,” as well as the slowing Cloud transition, higher competitiveness in the space that points to lower CCaaS market share, RingCentral (RNG) partnership risk and a “tough FY25 setup,” for its downgrade of Nice shares.
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Read More on NICE:
- Nice downgraded to Neutral from Overweight at Piper Sandler
- Morning Movers: Disney jumps following Q4 earnings
- NICE Achieves Strong Cloud Revenue Growth in Q3 2024
- Nice reports Q3 EPS $2.88, consensus $2.68
- Nice raises FY24 EPS view to $10.95-$11.15 from $10.60-$10.80
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