RingCentral price target raised to $37 from $34 at UBS

UBS raised the firm’s price target on RingCentral to $37 from $34 and keeps a Neutral rating on the shares. RingCentral continued to outperform on operating margin and free cash flow, with Q4 subscription revenue growth of 9% year over year coming in roughly in-line with the high end of guidance, the analyst tells investors in a research note. The firm keeps a Neutral rating on the shares given less visibility to a return to double digits growth, and says its checks have flagged softer demand for unified communications and greater competition.