RingCentral price target raised to $38 from $35 at Oppenheimer

Oppenheimer raised the firm’s price target on RingCentral (RNG) to $38 from $35 and keeps an Outperform rating on the shares. The firm notes the company reported another solid quarter with Q4 Subscription and Total Revenue up 5.5% and 4.8%, both in line. RingCentral is early in its evolution as a multi-product platform, converging UCaaS and CCaaS with agentic AI but continues to see strong momentum, with the number of customers using at least one AI product approaching 10% of total ARR, Oppenheimer adds. The firm continues to think the Street underappreciates the company’s free cash flow with annual per share growth of about 25%, implying an attractive 35% free cash flow yield in 2030.