BofA analyst Michael Funk lowered the firm’s price target on Nice (NICE) to $250 from $270 and keeps a Buy rating on the shares. The company reported Q3 results that were marginally above guidance on revenue but fell short on cloud revenue growth, which is the key metric for investors. Management also lowered projected organic cloud growth to 16%-17% from 18% for 2024, the analyst tells investors in a research note. The firm added that, despite the price target cut, it still views the stock as attractive based on competitive positioning, projected improving Contact Center as a Service demand trend, and its valuation.
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Read More on NICE:
- Nice downgraded to Neutral at Piper after ‘disappointing results’ in Cloud
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- NICE Achieves Strong Cloud Revenue Growth in Q3 2024
- Nice reports Q3 EPS $2.88, consensus $2.68
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