Shares of Nice Ltd (NICE) tumbled 5.06% during intraday trading on Wednesday, as investors reacted to a significant price target cut by Barclays. The sharp decline comes amid a challenging day for the company, despite maintaining positive ratings from analysts.

Barclays, while keeping an Overweight rating on Nice Ltd, lowered its price target substantially from $200 to $165. This 17.5% reduction in the target price appears to have sparked concern among investors, leading to the sell-off. The adjustment in Barclays' outlook suggests a reassessment of the company's near-term growth prospects or valuation metrics.

Despite the price target cut, it's worth noting that both Barclays and Citigroup maintain positive ratings on Nice Ltd stock. Barclays reaffirmed its Overweight rating, while Citigroup maintained a Buy rating. These conflicting signals – a lower price target but sustained positive outlook – may contribute to market uncertainty and volatility in Nice Ltd's stock price in the near term.