RingCentral downgraded to Neutral from Buy at Rosenblatt

Rosenblatt downgraded RingCentral to Neutral from Buy with a price target of $35, down from $52. The analyst believes the recent change in leadership could lead to a resetting of revenue expectations, “while the fiercely competitive landscape adds further concern.” The firm applauds RingCentral’s new products, its expansion into India and Portugal, and the recently launched Amazon Web Services partnership, but expects it will take 4 to 6 quarters for these initiatives to have a meaningful impact.