Nice price target lowered to $225 from $250 at Oppenheimer

Oppenheimer analyst Timothy Horan lowered the firm’s price target on Nice (NICE) to $225 from $250 on a higher discount rate, while keeping an Outperform rating on the shares. The firm notes Nice will acquire LiveVox (LVOX) for $3.74/share in an all-cash deal, implying a firm value of $387M, or 2.7-times annualized Q2 revenue. This is accretive to Nice at 4.4-times annualized revenue. LiveVox has taken significant cost-cutting measures with EBITDA margins +2,000bps year/year in Q2, which Nice should be able to further accelerate. Oppenheimer estimates LiveVox will contribute $100M to cloud revenue in 2024, raising its revenue estimates 4%.