Piper Sandler analyst James Fish downgraded RingCentral to Neutral from Overweight with an unchanged price target of $39. The analyst believes the company’s 2023 and 2024 margin expansion is priced in at current share levels, while sales estimates have risk that partially stem from the partnerships. Additionally, RingCentral faces increasing competitive pressures, slower seat expansion and a needed refinancing of the convertible notes, Fish tells investors in a research note. He prefers other "self-help" stories at this time.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on RNG:
- Morgan Stanley says the stock market could bottom out next year — but these 2 stocks are already in the ‘buy’ zone
- RingCentral price target lowered to $50 from $65 at Jefferies
- RingCentral downgraded to Peer Perform at Wolfe amid persistent macro headwinds
- RingCentral downgraded to Peer Perform from Outperform at Wolfe Research
- Wedbush initiates RingCentral with a Neutral and $40 price target