RingCentral price target lowered to $40 from $90 at Barclays

Barclays analyst Ryan MacWilliams lowered the firm’s price target on RingCentral to $40 from $90 and keeps an Overweight rating on the shares post the Q3 results. The company’s restructuring efforts and guide to 350 basis point of margin improvement next year address key pain point for investors, but questions remain on its 2023 growth, MacWilliams tells investors in a research note.