J.P. Morgan Reiterates on RingCentral Following Impressive 3Q Results

In a report published Wednesday, J.P. Morgan analyst John DiFucci reiterated an Overweight rating and $25.00 price target on RingCentral (NYSE: RNG).

In the report, J.P. Morgan noted, “RingCentral is a first mover of a disruptive force in the huge existing market for business phone systems, which it will likely expand given its alternative SaaS solution that simply requires a browser rather than the complex on-premise hardware solutions typically used today. RNG leverages the predictability and expansive qualities of SaaS along with corporate mobility trends such as BYOD (bring your own device). Its mobile-first solution enables one integrated system for all of a user's telephony needs, which has led to outsized growth that should persist for the foreseeable future. Our Overweight rating and price target of $25 is based on our DCF.”

RingCentral closed on Tuesday at $19.10.