RingCentral price target lowered to $28 from $40 at Rosenblatt

Rosenblatt analyst Catharine Trebnick lowered the firm’s price target on RingCentral (RNG) to $28 from $40 and keeps a Buy rating on the shares. The firm is reducing its price target due to lower revenue projections for FY25 and FY26, reflecting ongoing economic uncertainty and recent leadership transitions, the analyst tells investors, adding that the firm views RingCentral as “a stock for patient investors.”