RingCentral downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Peter Levine downgraded RingCentral to In Line from Outperform with a $40 price target. The company reported "mixed results’ verses muted expectations with a sales miss and extending deal cycles, the analyst tells investors in a research note. While the stock’s valuation at these levels "would appear to be washed out," there is no real catalyst on the horizon, the firm contends. It believes the Microsoft and Zoom competition overhang "is not going away."