Mizuho downgraded RingCentral (RNG) to Neutral from Outperform with an unchanged price target of $42. The commodization of the unified Communications as a service space has impacted RingCentral’s revenue growth over the last two years, the analyst tells investors in a research note. The firm points out the company’s revenue growth has dropped from 25% in 2022 to 9% in 2024.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNG:
- Freshworks names Srinivasan Raghavan as Chief Product Officer
- Nice downgraded to Neutral at Piper after ‘disappointing results’ in Cloud
- RingCentral price target raised to $38 from $36 at Baird
- RingCentral price target raised to $38 from $31 at Piper Sandler
- RingCentral Reports Strong Q3 2024 Results