Information Provided By:
Fly News Breaks for January 27, 2020
RNG
Jan 27, 2020 | 20:57 EDT
Wells Fargo analyst Michael Turrin initiated coverage of RingCentral with an Overweight rating and $240 price target. The analyst cites the company's position as a market leader in cloud-based telephony and its potential to take advantage of the $50B market opportunity that is "tipping towards cloud". Turrin also points to RingCentral's "consistent cadence" of quarterly earnings beats and its subscription revenue growth of over 30%.