RingCentral price target lowered to $38 from $40 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on RingCentral to $38 from $40 and keeps a Buy rating on the shares. The analyst says RingCentral’s Q3 results were an “incremental positive.” The company is underappreciated with meaningful upside potential in 2024, though it remains a “show me” story, the analyst tells investors in a research note. The firm believes that while the macro commentary remains subdued, RingCentral has largely delivered on both sales targets and margin expansion.