RingCentral price target raised to $32 from $31 at Piper Sandler

Piper Sandler raised the firm’s price target on RingCentral to $32 from $31 and keeps a Neutral rating on the shares. The firm notes RingCentral reported the “standard” top-line upside, a large +40K seat win, slightly better OPM, and Enterprise out-pacing SMB. However, new ARR bookings were weak, renewal rates appear to remain under some pressure, free cash flow came in beneath expectations, and the SMB exposure is hurting many this earnings season, including RingCentral, says Piper. Additionally, uncertainty remains around the partnerships RingCentral has established.