Rosenblatt Starts RingCentral (RNG) at Buy

March 23, 2023 4:20 PM EDT
Get Alerts RNG Hot Sheet
Price: $32.95 -1.52%

Rating Summary:
    24 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 14
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(Updated - March 23, 2023 4:20 PM EDT)

Rosenblatt analyst Catharine Trebnick initiates coverage on RingCentral (NYSE: RNG) with a Buy rating and a price target of $35.00.

The analyst comments "We are initiating coverage on RingCentral shares with a BUY rating and our price target of $35 implies a 12-month FY24E EV/Sales multiple of ~1.9x. The stock is currently trading at 1.7x our FY24 revenue estimate of $2.4B. We think believe this to be a fair valuation as the company growth profile of 10% Y/Y falls below the 15% average of its peer group. We believe the multiple is unchanged with revenue growth rate 12% Y/Y in FY25."

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 $27.68 yesterday.

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