RingCentral price target lowered to $80 from $100 at Wells Fargo

Wells Fargo analyst Michael Turrin lowered the firm’s price target on RingCentral to $80 from $100 and keeps an Overweight rating on the shares. The company’s Q3 print presented a slowing second half of the year growth profile, but also a well-timed move towards driving more meaningful margin expansion, the analyst says. Post the year-to-date pullback, shares are currently trading at some of the lowest multiples in software, Turrin notes. He views the focused shift towards margin in this environment as well-timed and expects it will help shares find surer footing from here.