NICE Systems (NICE): Chardan Reiterates Buy After Strong Earnings But Before InContact Combination - Chardan
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Chardan Capital Markets analyst, Lena Rogovin, reiterated her Buy rating on shares of NICE Systems Ltd (NASDAQ: NICE) after NICE reported strong 3Q16 results and revised upwards 2016FY guidance.
Non-GAAP revenue was up 9% y-o-y to $240.3 mn, while operating profit grew by 15.3% to $64.2 million. Net income increased by 9.5% to $50.7 mn, net margin remained virtually flat at 21.1% on higher effective tax rate of 23.7% due to a change in geographical revenue mix. FY effective tax rate is expected by the company at 21%.along with a price target of $72.
Shares of NICE Systems Ltd closed at $67.77 yesterday.
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