RingCentral (RNG) PT Raised to $55 at BofA Securities

BofA Securities analyst Daniel Bartus raised the price target on RingCentral (NYSE: RNG) to $55.00 (from $35.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating and raise our PO to $55 (was $35) based on a 2.4x EV/26e revenue multiple (was 1.7x) to reflect market share gains and margin and FCF upside. RNG revenue growth has stabilized in the mid-single digits (bear case was for revenue deceleration), dilution from convertible notes has been addressed and FCF and returns to shareholders are improving."

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