Piper Sandler raised the firm’s price target on RingCentral (RNG) to $28 from $25 on higher comparable sales, while keeping an Overweight rating on the shares. The firm says that as expected, RingCentral showed a deceleration to less than 5% year-over-year growth given market dynamics and FX headwinds within the quarter. Emerging products, improving margin, a positive dynamic with the Broadsoft EOL with the MSP/carrier environment, and valuation are the positives here, and while growth can likely be sustained in the 4%-6% range near-term, Piper believes the market dynamics and competitiveness will be persistently challenging.
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Read More on RNG:
- RingCentral price target lowered to $33 from $38 at UBS
- RingCentral transferred with Buy rating at Needham
- RingCentral Reports Strong Q1 2025 Financial Results
- RingCentral’s Market Position: Hold Rating Amid Uncertain Growth Prospects and Macroeconomic Concerns
- RingCentral reports Q1 adjusted EPS $1.00, consensus 96c
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