RBC Capital Markets initiated coverage of RingCentral Inc. on Tuesday with an outperform rating and a price target of $85, citing the company’s market leadership in cloud-based voice services and expanding AI-driven platform.
The stock last traded at $72.58, near its 52-week high of $72.85, following a 141% surge over the past year. RBC’s rating aligns with Needham & Co., which also raised its price target to $85 from $55 and maintained a buy recommendation.
RingCentral reported second-quarter 2026 earnings of $1.22 per share, exceeding the $1.16 per share estimate, and revenue of $657 million, above the $650.55 million forecast. The company serves approximately 600,000 businesses globally and generates roughly $2.8 billion in annual recurring revenue, with a market capitalization of $6.06 billion.
Analysts noted RingCentral’s growth remains in the mid-single-digit range, supported by increasing demand for its AI-powered contact center and communication solutions. The company also raised its full-year guidance, reflecting stronger adoption of its AI-driven products.
According to InvestingPro, 12 analysts have revised earnings estimates upward for the upcoming period, while the platform lists 13 exclusive insights and financial health metrics for the stock.
