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Fly News Breaks for April 11, 2017
RNG
Apr 11, 2017 | 07:00 EDT
As previously reported, Morgan Stanley upgraded RingCentral (RNG) to Overweight from Equal Weight with a $33 price target. Analyst Meta Marshal said the market under appreciates the move into the enterprise market which should begin to payoff in 2017. He expects RingCentral's subscription revenue 27% in 2017, ex AT&T drag, nearly 50% higher than competitor 8x8 (EGHT), and trading at a discounted valuation. Marshal said the market underestimates the traction in the upmarket and how much business growth will be in 2017.
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