RingCentral price target raised to $100 from $90 at SunTrust. SunTrust analyst Terry Tillman raised his price target on RingCentral to $100 and kept his Buy rating, saying the company's Q2 earnings produced "some of the strongest absolute dollar upside in its history". The analyst cites a rise in direct sales representative productivity leading to 110% ARR increase in the quarter, along with a high-30% growth for the company's core subscription revenue in the first half of the year, accelerating from low 30% rate in the first half of 2018. Tillman expects RingCentral to sustain its positive momentum with upside surprises and modest operating margin expansion, supported by the reduced cost of customer acquisitions and increasing net retention rate.
