UPDATE: JPMorgan Downgrades NICE Systems Ltd (NICE) to Neutral on Valuation
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JPMorgan analyst Paul Coster downgraded NICE Systems Ltd (NASDAQ: NICE) from Overweight to Neutral with a price target of $163.00.
The analyst comments "We are downgrading NICE to Neutral based on valuation. NICE stock is trading at 27.3 times our CY21 PF EPS estimate of $6.50 and 18 times forward EV/EBITDA. An historically elevated multiple seems justified given the firm’s successful transition to the cloud, but the overall revenue and earnings trajectory looks fully valued at this point. This downgrade is not a call to sell or
short the stock."
Shares of NICE Systems Ltd closed at $177.04 yesterday.
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