RingCentral price target raised to $33 from $31 at Wells Fargo

Wells Fargo analyst Michael Turrin raised the firm’s price target on RingCentral to $33 from $31 and keeps an Equal Weight rating on the shares. The firm notes RingCentral Q1 subs revenue growth rate improved marginally quarter-over-quarter to 10% year-over-year, op margin improved to about 21%. The company expects lower churn plus stable macro to support management’s confidence SMB growth is near trough, Wells adds.