RingCentral price target lowered to $29 from $30 at Jefferies

Jefferies analyst Samad Samana lowered the firm’s price target on RingCentral (RNG) to $29 from $30 and keeps a Hold rating on the shares following modest Q2 beats across the board, largely in-line Q3 guidance, and maintained FY25 revenue guidance. With the revenue outlook unchanged, the firm thinks investors will likely remain on the sidelines until they have more confidence that growth can stabilize, the analyst says.