Northland lowered the firm’s price target on RingCentral to $43 from $47 and keeps an Outperform rating on the shares after updating the firm’s model for new debt. Adding interest expense for the new $400M of senior notes lowers the firm’s FY23 EPS number to $3.08 from $3.16 and FY24 estimate to $3.08 from $3.34, the analyst tells investors.
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