By Michael Elkins
RingCentral (NYSE:RNG) is up 2% in early trading Tuesday as a BTIG analyst reiterates a Buy rating and $120.00 price target ahead of the company’s 2Q earnings report.
The update follows an announcement that on July 29th, RingCentral and Vodafone (NASDAQ:VOD) extended the availability of their new communications platform Vodafone Business UC nationwide in Germany. Allowing companies to streamline their communication applications into one platform.
The new platform allows companies to seamlessly transition systems from premise to cloud-based as well as the ability to integrate into many of today's most important business applications.
The analyst believes we are beginning to see the long-term impacts of this strategic partnership unfold as they pursue one of the most robust markets outside of North America for international business.
RingCentral is expected to release its 2Q earnings report after market closes today. The analyst still expects to see upside to current estimates and continued momentum of the Strategic Partnerships, Channel, and CCaaS areas of the business.