RingCentral selloff brings opportunity into 2023, says Deutsche Bank

Deutsche Bank analyst Matthew Niknam says RingCentral shares have seen meaningful pressure year-to-date, with headwinds including competitive concerns, a worsening macro environment, and company specific items which have lingered over the last year. However, the risk/reward equation for RingCentral shares now "skews much more favorably at current levels," Niknam tells investors in a research note. He believes investor sentiment remains very negative, which creates opportunity heading into 2023. The analyst keeps a Buy rating on RingCentral.