RingCentral price target raised to $47 from $45 at BofA

BofA raised the firm’s price target on RingCentral to $47 from $45 and keeps a Buy rating on the shares. The firm is “slightly” raising its FY24 and FY25 revenue estimates, while increasing its adjusted EPS estimates by 1.4% and 4.3%, respectively, based on “strong” Q1 results, increased guidance, and constructive management commentary, the analyst tells investors.