RingCentral (RNG) shares are soaring 5.40% in pre-market trading on Friday, as investors react to a flurry of analyst updates. The cloud communications provider is seeing renewed interest despite mixed signals from Wall Street.

Several financial firms have adjusted their outlook on RingCentral, with a majority leaning positive. Wells Fargo raised its target price to $24 from $22, while Rosenblatt Securities increased its target to $32 from $28. Piper Sandler also showed confidence by lifting its price target to $28 from $25. However, it wasn't all positive news, as Wedbush adjusted its price target downward to $30 from $38, while maintaining a Neutral rating on the stock.

The overall bullish sentiment appears to be outweighing the cautious stance from Wedbush, driving RingCentral's stock higher. Investors seem to be focusing on the potential upside highlighted by the majority of analysts, suggesting confidence in the company's future performance despite ongoing challenges in the tech sector. As the market opens, all eyes will be on RingCentral to see if this pre-market momentum can be sustained throughout the trading session.