What To Know About Jefferies's Downgrade of RingCentral
Portfolio Pulse from Benzinga Insights
Jefferies has downgraded RingCentral (NYSE:RNG) from a previous rating to Hold, adjusting the price target from $40.00 to $35.00. RingCentral's shares are currently trading at $30.91, down 2.77% over the last 24 hours. The new price target suggests a potential upside of 13.23% from the current share price. RingCentral is a provider of unified communications as a service (UCaaS), offering solutions for voice, video, and messaging on a single platform.
December 12, 2023 | 5:00 pm
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Jefferies downgraded RingCentral to Hold and reduced the price target from $40.00 to $35.00. The stock is currently trading at $30.91, down 2.77%.
The downgrade by Jefferies is a significant event that could influence investor sentiment and potentially limit short-term upside for RingCentral's stock. However, the new price target still suggests a potential gain, which may mitigate the negative impact. The confidence level is high due to the direct correlation between analyst ratings and stock price movements, although market conditions and other factors could also affect the stock's performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100