Nuix's (ASX:NXL) key focus for fiscal year 2026 is execution, with an ongoing transformation strategy and interim leadership in place, Jefferies said in a note on Thursday.

Company performance is expected to be more heavily weighted toward the second half of the year, following operational changes made in the first half, with the firm remaining confident in full-year growth.

Positive catalysts include the acceleration of consumption-based licenses, the commercialization of the Nuix Neo platform, the acquisition of FedRamp certification, and the removal of legal overhang, along with ongoing costs.

Jefferies maintained a buy rating on Nuix and a price target of AU$2.50.

Shares fell 4% in midday trade on Friday.