Imperial Capital Reiterates Outperform on NICE Systems (NICE) After Adjusting Estimates
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Imperial Capital reiterated an Outperform rating and $74.00 price target on NICE Systems Ltd (NASDAQ: NICE) after refining estimates. After reviewing management’s 3Q16 and FY16 guidance and updating outlook on the company’s growth prospects, Imperial Capital raised FY16 and FY17 EBITDA and EPS estimates. Imperial now expects 2016 EPS to be $3.52 from $3.49. 2017 Estimates were raised to $3.71 from $3.68.
Analyst Jeff Kessler commented, "Although product revenue could experience a slight year-over-year (yoy) decline during 3Q16, due to the devaluation of the British pound, management appears confident that it can still achieve its full-year consolidated revenue guidance of $995-1,015mn. Historically, NICE tends to have a significant spike in revenue in the fourth quarter and we believe a slight product revenue decline in 3Q16 could be offset by a larger gain in 4Q16."
Shares of NICE Systems Ltd closed at $67.25 yesterday.
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