Morgan Stanley lowered the firm’s price target on RingCentral to $35 from $37 and keeps an Equal Weight rating on the shares. RingCentral reported “slight upside” to Q4 and its guidance was better than the firm expected, but “not yet enough to compel investors to get involved,” the analyst contends. Investors are still struggling with what could drive reacceleration to the business and the firm will look to traction with the RingCX product, which could be such a driver, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on RNG:
- RingCentral (NYSE:RNG) Stumbles as Q1 Outlook Disappoints Investors
- RingCentral Inc Earnings Update: Did it Beat Estimate Forecasts?
- Options Volatility and Implied Earnings Moves Today, February 20, 2024
- RingCentral price target raised to $34 from $32 at Piper Sandler
- The cloud automation software stocks to own in 2024, according to Piper Sandler