RingCentral price target lowered to $36 from $40 at Mizuho

Mizuho lowered the firm’s price target on RingCentral to $36 from $40 and keeps a Buy rating on the shares. The company reported solid Q4 results, although smaller magnitude of the revenue beat versus prior quarters with significantly higher profitability and free cash flow, the analyst tells investors in a research note. The firm says management’s conservative 2024 outlook for revenue growth fell slightly shy of consensus estimates. It believes RingCentral’ “de-risked guidance presents a favorable risk-reward opportunity.”