Craig-Hallum analyst George Sutton says that a "well-orchestrated strategy" of expanding up-market has RingCentral (RNG) positioned to penetrate a massive enterprise opportunity, with 49% of bookings coming from mid-market/enterprise customers. The analyst sees the pullback in the stock as an attractive buying opportunity as he believes it is reacting to cautious commentary surrounding the AT&T (T) relationship and the reversion back to a direct hardware sales model. Sutton notes the direct sales model has no bearing on software revenue, and believes the "impressive" guidance should more than offset any fears surrounding AT&T. He reiterates a Buy rating and $28 price target on RingCentral's shares.