Shares of Nice Ltd (NICE) tumbled 5.06% in intraday trading on Wednesday, following a significant price target cut by Barclays. The stock's sharp decline comes despite maintaining positive ratings from major financial institutions.

Barclays lowered its price target for Nice Ltd to $165 from $200, representing a substantial 17.5% reduction. However, the firm maintained its Overweight rating on the stock, suggesting continued confidence in the company's long-term prospects. The adjustment in the price target appears to be the primary catalyst for the day's selling pressure.

Despite the negative price action, other analysts remain bullish on Nice Ltd. Citigroup reaffirmed its Buy rating on the stock, indicating a divergence of opinions among financial analysts. The contrasting views between the price target cut and the maintained positive ratings have likely contributed to investor uncertainty, resulting in the stock's significant intraday decline.