RingCentral price target lowered to $31 from $32 at Piper Sandler

Piper Sandler analyst James Fish lowered the firm’s price target on RingCentral to $31 from $32 and keeps a Neutral rating on the shares. Following Piper’s latest round of checks for the communication software space, the analyst updated valuations for the space and cutting numbers to reflect the weaker spending environment. The firm cites weaker than expected checks across the space, and concerns around second half of 2024 and 2025 implications for the target cuts.