BofA lowered the firm’s price target on RingCentral to $55 from $65 and keeps a Buy rating on the shares. Q3 results beat on the top and bottom line and revenue guidance was raised, noted the analyst. While BofA updated estimates to reflect guidance and results, the firm’s lower target reflects peer multiple compression and a more cautious macro-outlook for 2024.
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Read More on RNG:
- RingCentral price target lowered to $32 from $37 at Piper Sandler
- RingCentral (NYSE:RNG) Soars on Q3 Earnings Beat and Upbeat Guidance
- RingCentral price target lowered to $32 from $37 at Baird
- RingCentral price target lowered to $38 from $40 at Deutsche Bank
- RingCentral narrows FY23 EPS view to $3.19-$3.20 from $3.11-$3.25
