NICE Analysts Boost Their Forecasts After Strong Q4 Results

NICE Ltd NICE reported upbeat fourth-quarter financial results and issued FY24 guidance above estimates on Thursday.

NICE reported fourth-quarter fiscal 2023 revenue growth of 9.6% year-over-year to $623.19 million, beating the consensus of $618.51 million. Adjusted EPS improved to $2.36 compared to $2.04 in the prior year, beating the consensus of $2.28, according to data from Benzinga Pro.

“As we enter 2024 following the outstanding success of last year it is now clear that AI has become an overarching catalyst unlocking multiple vectors of growth. Our leading-edge AI bolstered by our unique data assets is increasing NICE’s cloud win rates across the board, it is the bedrock of our rapid expansion into digital engagement, it is the convergence power igniting the adoption of our platform and it is a source for a growing number of brand-new AI-based solutions with incremental revenue streams,” commented Barak Eilam, CEO of NICE.

For the first quarter, NICE expects non-GAAP total revenues of $650 million-$660 million versus $643.57 million consensus. It sees non-GAAP EPS of $2.40-$2.50 versus $2.31 consensus.

The company sees 2024 non-GAAP total revenues of $2.715 billion-$2.735 billion versus $2.677 billion consensus. It sees non-GAAP EPS of $10.40-$10.60, versus $9.94 consensus.

NICE shares fell 2.7% to trade at $238.90 on Friday.

These analysts made changes to their price targets on NICE after the company reported quarterly results.

• Wedbush raised the price target on NICE from $230 to $270. Wedbush analyst Daniel Ives maintained an Outperform rating.
• RBC Capital boosted the price target on NICE from $238 to $285. RBC Capital analyst Rishi Jaluria maintained an Outperform rating.
• JMP Securities analyst Patrick Walravens reiterated NICE with a Market Outperform and maintained a $343 price target.

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