RingCentral price target lowered to $25 from $31 at Piper Sandler

Piper Sandler lowered the firm’s price target on RingCentral (RNG) to $25 from $31 and keeps a Neutral rating on the shares. Following the firm’s recent round of checks on the space and given macro environment concerns, Piper is polishing its estimates and reducing its price targets across the group. Three important things to note: checks were broadly the same as recent quarters; SaaS names shouldn’t be directly impacted from tariffs, but a recession and more cautionary IT environment will likely slow down the space; recent FX moves have mitigated currency headwinds, Piper adds.