Jefferies analyst Samad Samana downgraded RingCentral to Hold from Buy with a price target of $35, down from $40, after the company announced that Tarek Robbiati, who joined RingCentral in August, resigned as CEO. The firm sees the quick change “as a likely symptom of either the new strategy not taking hold or execution not improving as expected.” Jefferies cites RingCentral’s revenue growth continuing to slow and increased execution risk for the downgrade.
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