Oppenheimer analyst Brian Schwartz raised his price target for RingCentral to $130 from $117 after the company reported "strong" Q1 results, anchored by a record deal size, solid business metrics and higher 2019 growth outlook. The analyst believes RingCentral is a primary beneficiary of the re-platforming shift for UCaaS and customer service in the SMB market, and is increasingly confident in the company's ability to grow its subscriptions business at Tier 1 rates, while improving operating margins with scale. Schwartz reiterates an Outperform rating on the shares and the stock as his Top UIT pick.