Piper Sandler analyst James Fish lowered the firm’s price target on RingCentral to $39 from $59 and keeps an Overweight rating on the shares. The analyst sees "multiple positive and negative moving parts" in earnings release, with the stock rally primarily due to the reduction-in-force that is driving margin expansion in 2023. The increased profitability can help meet RingCentral’s 2025 debt-obligation, Fish tells investors in a research note.
Published first on TheFly
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