RingCentral price target lowered to $40 from $45 at Raymond James

Raymond James lowered the firm’s price target on RingCentral (RNG) to $40 from $45 and keeps an Outperform rating on the shares. RingCentral’s Q4 results showed solid traction on key new product initiatives, though headline growth and guidance were muddled by foreign exchange, the analyst tells investors in a research note. Though shares may not react positively to a reset to estimates, the firm argues that the setup looks good.