NICE Ltd.: 2026 Analyst Day – Integrated Platform for Monetizing Interactions

Research evidence excerpt

NICE Ltd.: 2026 Analyst Day – Integrated Platform for Monetizing Interactions

Idea

June 10, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMNICE Ltd. | North America Elizabeth Porter, CFA

Equity Analyst

2026 Analyst Day – Integrated Elizabeth.E.Porter@morganstanley.comJamie Reynolds +1 212 761-3632

Research Associate

Jamie.Reynolds@morganstanley.com +1 212 761-2087

Platform for Monetizing

Interactions

NiCE’s Analyst session highlighted its AI-platform differentiation

NICE Ltd. (NICE.O, NICE US)

and positioning for an interaction-based monetization model.

Software | United States of America

Continue to believe 7.5- 8x EV/FCF overlooks CCaaS positioning. Stock Rating Overweight

Remaining OW, though proving out 2H Cloud acceleration Industry View Attractive

Price target $130.00

remains the key proof point for re-rating. Shr price, close (Jun 9, 2026) $88.62

Mkt cap, curr (mm) $5,243

52-Week Range $180.61-84.38

Key Takeaways Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

NiCE continues to advance and position the platform for the monetization shift ModelWare EPS ($) 8.30 6.37 8.36 10.71

EPS ($)** 12.30 11.10 12.96 15.39

away from seats, towards interactions – with Cognigy now natively integrated EPS ($)§ 12.26 11.09 12.63 15.27

Div yld (%) 0.0 0.0 0.0 0.0

This presents a substantial opportunity long term, as just 3-5% of total

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

interactions are hitting its AI platform today framework

** = Based on consensus methodology

On monetization, co spoke to how CXOne AI customers generate 36% higher §e == MorganConsensusStanleydataResearchis providedestimatesby Refinitiv Estimates

ARPU/4.5x higher ARPC relative to non-AI customers Quarterly EPS ($)

2026e 2026e 2027e 2027e