Morgan Stanley lowered the firm’s price target on RingCentral to $35 from $37 and keeps an Equal Weight rating on the shares. RingCentral reported “slight upside” to Q4 and its guidance was better than the firm expected, but “not yet enough to compel investors to get involved,” the analyst contends. Investors are still struggling with what could drive reacceleration to the business and the firm will look to traction with the RingCX product, which could be such a driver, the analyst added.
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