Shares of Nice Ltd (NICE) plummeted 10% in pre-market trading on Tuesday, as multiple Wall Street analysts cut their price targets for the company following its recent capital markets day. The significant downward revision in valuations by prominent financial firms has sparked a sell-off among investors, leading to the sharp decline.

Several major analyst firms have lowered their price targets for Nice Ltd. Piper Sandler reduced its target price from $140 to $122, while Jefferies cut its projection from $152 to $136, maintaining a Hold rating. RBC also joined the trend, lowering its price target from $190 to $175. Other firms, including Cantor Fitzgerald, Mizuho, and D.A. Davidson, have also trimmed their targets, contributing to the negative sentiment surrounding the stock.

The wave of price target reductions appears to stem from Nice Ltd's recent capital markets day, which may have failed to meet investor expectations. While specific reasons for the analysts' more cautious outlook were not detailed, such coordinated downgrades often reflect concerns about a company's growth prospects, competitive positioning, or broader market conditions. As the trading session unfolds, investors will likely be closely watching for any additional information or guidance from Nice Ltd to better understand the factors behind these analyst actions and the subsequent stock price movement.