RingCentral upgraded at Morgan Stanley with investor sentiment ‘overly negative’

As previously reported, Morgan Stanley analyst Meta Marshall upgraded RingCentral to Overweight from Equal Weight with a price target of $50, down from $55, citing "overly negative investor sentiment." Marshall believes there will be a deceleration in growth in communication software into 2023, so she understands the "sentiment overhang" for now, but she also argues that investors are missing the opportunities that still exist within space. Valuations in the group today discount an ability to show earnings upside she sees near term upside in RingCentral, Marshall added.