Piper Sandler analyst James Fish downgraded RingCentral to Neutral from Overweight with an unchanged price target of $39. The analyst believes the company’s 2023 and 2024 margin expansion is priced in at current share levels, while sales estimates have risk that partially stem from the partnerships. Additionally, RingCentral faces increasing competitive pressures, slower seat expansion and a needed refinancing of the convertible notes, Fish tells investors in a research note. He prefers other "self-help" stories at this time.
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