Is RingCentral the Best Stock You Don't Own?
It's not fair to call RingCentral (NYSE: RNG) a pandemic play, and that makes the recent market rotation out of the next-gen telco platform operator all the more frustrating. RingCentral stock has surrendered nearly 30% of its value since hitting an all-time high two months ago, and at least one Wall Street pro likes the opportunity to buy.
BofA analyst Daniel Bartus is reinstating coverage of RingCentral with a buy rating. His new $450 price target -- a buck above February's all-time high of $449 -- suggests 41% in upside from here. Bartus concedes that the COVID-19 crisis has bolstered the prospects for RingCentral as well as other unified communications-as-a-service (UCaaS) vendors, but he doesn't see this as a short-lived tailwind. He's right.
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Source Fool.com