RingCentral On Track To Retire $1.6B Debt In FY26 With Strong FCF Focus: Analyst Forecasts
Portfolio Pulse from Nabaparna Bhattacharya
Needham analyst Ryan Koontz has reiterated a Buy rating on RingCentral, Inc (NYSE:RNG), raising the price target to $46 from $42. The company recently reported Q2 results, beating earnings estimates. The analyst notes that RingCentral is on track to retire its $1.6 billion debt by 2026 due to strong free cash flow (FCF) focus and sustained 10%+ subscription revenue growth. Despite shares trading lower by 18.5 to $31.78, the analyst maintains a positive outlook.
August 08, 2023 | 7:45 pm
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POSITIVE IMPACT
RingCentral's strong Q2 results and positive outlook from Needham analyst could potentially boost investor confidence. The company's focus on retiring its $1.6 billion debt by 2026 is a positive sign.
The positive rating from Needham analyst, along with the company's strong Q2 results and plans to retire its debt by 2026, could potentially have a positive impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100