UPDATE: Jefferies Starts RingCentral (RNG) at Buy

(Updated - November 21, 2014 8:50 AM EST)

Jefferies initiated coverage on RingCentral (NYSE: RNG) with a Buy rating and a price target of $20.00.

Analyst John DiFucci commented, "RNG is a first mover with disruptive technology in the large market for business communication systems that leverages the predictability and expansive qualities of the SaaS model, along with corporate mobility trends such as BYOD. Its mobile-first solution enables one integrated system for all of a user’s telephony needs, which has led to outsized growth that should persist for the foreseeable future."

For an analyst ratings summary and ratings history on RingCentral click here. For more ratings news on RingCentral click here.

Shares of RingCentral closed at $11.40 yesterday.

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