RingCentral price target raised to $45 from $36 at Baird

Baird analyst William Power raised the firm’s price target on RingCentral to $45 from $36 and keeps a Neutral rating on the shares. The analyst said they reported mixed Q4 results, with subscription revenue slightly light, but better operating margins. Similarly, the company’s 2023 revenue outlook for subscription growth fell well short of prior estimates and having said that, Baird expects the worsening revenue trends to remain an overhang.