MoffettNathanson analyst Sterling Auty lowered the firm’s price target on RingCentral (RNG) to $52 from $55 and keeps an Outperform rating on the shares after updating the firm’s model following what they describe as a "quite busy" 24 hours in terms of major news announcements. In addition to RingCentral announcing an extension with Avaya (AVYA), this included a new strategic relationship with AWS (AMZN), noted the firm, which believes RingCentral’s solution can be quite complementary for a large portion of the AWS customer base that requires turnkey solutions for both phone and contact center.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on RNG:
- RingCentral Tanks after Soft Guidance and Analyst Downgrade
- RingCentral price target raised to $45 from $36 at Baird
- RingCentral price target raised to $50 from $40 at Oppenheimer
- RingCentral downgraded to In Line from Outperform at Evercore ISI
- RingCentral Inc Reported Earnings. Did it Beat Estimates?