RingCentral price target raised to $40 from $37 at UBS

UBS analyst Taylor McGinnis raised the firm’s price target on RingCentral to $40 from $37 and keeps a Neutral rating on the shares. RingCentral’s Q1 results were headline by a small beat and raise on the revenue side with subscription revenue growth of 9.5% year over year, the analyst tells investors in a research note. The firm remains Neutral-rated as it is not yet hearing an inflection in RingCX, RingSense and Events, and the firm’s checks have flagged softer demand for UC and greater competition.