Shares of Nice Ltd (NICE) are experiencing a significant pre-market plunge of 7.25% on Tuesday, following a series of price target cuts by several prominent analysts. The downgrades have sparked concerns among investors, leading to a sell-off in the company's stock.

Piper Sandler has reduced its target price for Nice Ltd from $140 to $122, while Jefferies lowered its price target to $136 from $152, maintaining a Hold rating on the shares. RBC also joined the trend, cutting its target price to $175 from $190. These adjustments come in the wake of Nice Ltd's recent capital markets day, which appears to have left analysts with a more cautious outlook on the company's near-term prospects.

The consecutive price target reductions from multiple research firms suggest a shift in sentiment towards Nice Ltd. Investors are likely reassessing their positions based on these new valuations, contributing to the sharp pre-market decline. As the market opens, it remains to be seen how Nice Ltd's stock will perform throughout the trading session and whether the company will address these analyst actions.