Bank of America Securities analyst Michael Funk reiterated a Buy rating on NICE yesterday and set a price target of $200.00.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Michael Funk has given his Buy rating due to a combination of factors including NICE’s solid performance in its cloud segment and the strategic acquisition of Cognigy, which closed earlier than anticipated. The company’s cloud and AI bookings backlog showed a significant year-over-year increase, demonstrating strong demand for its offerings. Additionally, NICE’s revenue and non-GAAP EPS for the third quarter were in line with expectations, with cloud revenue surpassing estimates. The company also raised its full-year revenue guidance, reflecting confidence in its growth trajectory. Despite a slight reduction in non-GAAP EPS guidance due to the Cognigy acquisition, the overall outlook remains positive. The reiterated price objective of $200 is supported by a premium valuation compared to peers, justified by NICE’s competitive positioning and market share gains.