Morgan Stanley lowered the firm’s price target on RingCentral (RNG) to $37 from $38 and keeps an Equal Weight rating on the shares. Communication Software has underperformed this year given concerns around opportunities for point products versus platforms, notes the analyst, who remains “most positive” on CCaaS names such as Nice and Five9 (FIVN) and also remains positive on Twilio (TWLO) given it already has a platform. In conjunction with its 2024 preview, the firm is rolling forward price targets to a 2025 basis.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on RNG:
- RingCentral just downgraded at Jefferies, here’s why
- RingCentral (NYSE:RNG) Plummets on Major Leadership Changes
- RingCentral backs FY23 adjusted EPS view $3.19-$3.20, consensus $3.20
- RingCentral backs Q4 adjusted EPS view 82c-83c, consensus 82c
- RingCentral CEO Tarek Robbiati resigns, Vlad Shmunis named CEO