Morgan Stanley lowered the firm’s price target on RingCentral (RNG) to $37 from $38 and keeps an Equal Weight rating on the shares. Communication Software has underperformed this year given concerns around opportunities for point products versus platforms, notes the analyst, who remains “most positive” on CCaaS names such as Nice and Five9 (FIVN) and also remains positive on Twilio (TWLO) given it already has a platform. In conjunction with its 2024 preview, the firm is rolling forward price targets to a 2025 basis.
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