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RingCentral downgraded to Outperform from Strong Buy at Raymond James

January 03, 2025 — 05:00 am EST

Written by TheFly for TipRanks

Raymond James analyst Brian Peterson downgraded RingCentral (RNG) to Outperform from Strong Buy with a price target of $45, down from $50. The firm repositioned several ratings throughout the application software sector at the start of 2025. The analyst still believes RingCentral shares offer a positive risk/reward for investors and notes the “very attractive” free cash flow valuation, but says unified communications as a service valuations have lagged the group for several years, and it does not see a near-term catalyst to close the valuation gap versus peers. Raymond James also sees potential volatility in the shares ahead of the initial 2024 guidance.

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