Fly News Breaks for February 11, 2020
Feb 11, 2020 | 07:26 EDT
Wells Fargo analyst Michael Turrin raised his price target for RingCentral to $255 from $240 as the company closed fiscal year 2019 by extending its clockwork-like cadence of quarterly beats and 30%-plus subscription revenue growth. The analyst still views RingCentral as the runaway market leader in a massive $50B-plus market opportunity with a series of meaningful growth drivers ahead, which he thinks can help extend this pattern of outperformance far into the future. Turrin has an Overweight rating on the shares.
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