Nice price target lowered to $122 from $140 at Piper Sandler

Piper Sandler lowered the firm’s price target on Nice (NICE) to $122 from $140 and keeps a Neutral rating on the shares following the investor day. The company issued an “aggressive” sales outlook while “creating friction with more value-focused investors” as its margins were “significantly slashed” due to planned investments, the analyst tells investors in a research note. Piper views Nice’s sales guidance as “highly aggressive” that likely requires acquisitions to hit. The firm reduced the company’s free cash flow estimates materially following the investor day.