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6 big analyst calls: RingCentral stock jumps on upgrade, merger chatter

By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst picks and cuts you may have missed since Friday: upgrades at RingCentral, Dollar General, UWM, and Hamilton Lane; downgrades at Equity Residential and Vertex.

InvestingPro subscribers got these headlines in real time. Start your 7-day free trial.

RingCentral jumps 18% on upgrade and possible merger talks with Sylebra Capital

RingCentral (NYSE:RNG) shares jumped nearly 18% on Friday after Needham upgraded the company to Buy from Hold with a price target of $42.00 in response to surgical cost cuts and stabilized growth.

The firm now sees RingCentral demonstrating its capacity to achieve over 20% operating margin which should provide ample FCF to pay down its sizable debt load.

In addition to the upgrade, share gains were tied to a 13D from Sylebra Capital showing an 8.7% stake and indicating it could seek talks on industry consolidation.

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Dollar General upgraded ahead of earnings

OTR Global upgraded Dollar General (NYSE:DG) to Positive from Mixed ahead of the upcoming Q1/24 earnings announcement on May 1.

Street estimates stand at $2.39 for EPS and $9.47 billion for revenues.

UWM upgraded to Buy on market share gains

UWM (NYSE:UWMC) shares surged more than 5% on Friday after Jefferies upgraded to Buy from Hold and raised its price target to $7.00 from $5.50, as InvestingPro reported in real time.

The firm noted that UWM has accelerated market share gains through its "game on" pricing strategy, and said the stickiness of market share gains while raising GOS margins should improve its go-forward EPS profile.

Earlier this month, the company reported its Q1 results, with a significant miss on EPS and revenues.

One more upgrade and two downgrades

Oppenheimer upgraded Hamilton Lane (NASDAQ:HLNE) to Outperform from Perform with a price target of $87.00 following the company’s reported Q4 earnings. EPS came in at $0.96, better than the consensus of $0.79, while revenue of $112.79 million missed the consensus of $116.12M.

Raymond James downgraded Equity Residential (NYSE:EQR) to Underperform from Market Perform.

BofA Securities downgraded Vertex (NASDAQ:VERX) to Underperform from Neutral with a price target of $22.00.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.