RingCentral price target lowered to $35 from $38 at Evercore ISI

Evercore ISI lowered the firm’s price target on RingCentral to $35 from $38 and keeps an In Line rating on the shares. While RingCentral delivered “solid” calendar Q3 results with a top and bottom-line beat and pipelines “remain healthy,” macro headwinds remain in play and the company continues to see elongated sale cycles and less upsell within its install base, the analyst tells investors in a post-earnings note. While saying “valuation at these levels would appear to be washed out,” the analyst adds that “there is no real catalyst on the horizon.”