RingCentral initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of RingCentral (RNG) with an Equal Weight rating and $32 price target The company is entering the second half of 2025 and next year with room to benefit from a less competitive telephony market as enterprises continue PBX – Private Branch Exchange – retirements, the analyst tells investors in a research note. At the same time, a voice-centric product mix potentially limits expansion within existing customers and new AI features are still in early adoption, the firm notes, adding that while the stock’s valuation screens below peers, it is awaiting clearer signs of momentum before becoming more constructive.