RingCentral's AI Strategy Promises Upside, Says Bullish Analyst In Stock Upgrade
Portfolio Pulse from Priya Nigam
RingCentral's stock has been volatile since its Q1 results, but the company is making progress towards 20% operating margins. Needham analyst Ryan Koontz upgraded RingCentral from Hold to Buy, with a price target of $42, citing the company's AI strategy and cost-cutting measures.
May 26, 2023 | 3:28 pm
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Needham analyst Ryan Koontz upgraded RingCentral to Buy, with a price target of $42, citing the company's progress towards 20% operating margins, AI strategy, and cost-cutting measures.
The upgrade from Needham analyst Ryan Koontz is based on RingCentral's progress towards achieving 20% operating margins, AI strategy, and cost-cutting measures. This positive outlook on the company's future performance is likely to have a short-term positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100