RingCentral price target lowered to $38 from $42 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on RingCentral to $38 from $42 and keeps an Equal Weight rating on the shares. With recent channel conversations and CIO spending intentions supporting stability across SaaS, Q3 is “likely too early to expect considerable positive revisions to out years” and the firm is “calibrating expectations,” the analyst tells investors in a Q3 SaaS software group preview note.