RingCentral price target lowered to $45 from $50 at Jefferies

Jefferies analyst Samad Samana lowered the firm’s price target on RingCentral to $45 from $50 and keeps a Buy rating on the shares. The firm updated its RingCentral model for Q4 results, lowering numbers to reflect "disappointing" Q1 and FY23 total revenue guidance as well as continued deceleration in ARR.