Shares of Nice Ltd (NICE) plummeted 10% in pre-market trading on Tuesday, following a wave of price target cuts from multiple Wall Street analysts. The sharp decline comes in the wake of the company's recent capital markets day, which appears to have left analysts with a more cautious outlook on Nice's near-term prospects.

Several prominent financial 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 expectations for the stock.

The coordinated downgrades suggest a significant shift in sentiment towards Nice Ltd. While specific reasons for the analysts' more cautious outlook were not detailed, such widespread reductions often reflect concerns about a company's growth prospects, competitive positioning, or broader market conditions. 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.