Oppenheimer analyst Timothy Horan raised the firm’s price target on RingCentral (RNG) to $50 from $38 and keeps an Outperform rating on the shares. The firm notes the company reported a solid quarter with record operating margins of 22.9%, up 110bps year-over-year on disciplined cost controls, which will continue. RingCentral is evolving from a leader in voice to a multi-product platform provider with strong free cash flow growth, which Oppenheimer thinks is still underappreciated by the Street.
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Read More on RNG:
- RingCentral Maintains Buy Rating and Steady Outlook with Unchanged $55 Price Target
- RingCentral Maintained at Hold as Solid Execution Offsets Subdued Growth; $33 Price Target Reaffirmed
- RingCentral reports Q1 adjusted EPS $1.20, consensus $1.17
- RingCentral sees Q2 adjusted EPS $1.15-$1.17, consensus $1.17
- RingCentral raises FY26 EPS view to $4.76-$4.97 from $4.85-$5.01