RingCentral downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Timothy Horan downgraded RingCentral (RNG) to Perform from Outperform without a price target. The migration of PBX to the Cloud has been a significant tailwind for RingCentral, but the next leg of growth will stem from the convergence with digital AI assistants, which will require investment, and could also cause Zoom (ZM) to be aggressive with UCaaS pricing, the analyst tells investors in a research note. While many of its problems can be fixed, or the company could be acquired as it has the best UCaaS service, but it will take time, the firm contends.