Wedbush starts 8×8 with a Neutral as momentum slows

As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of 8×8 with a Neutral rating and $7 price target. The provider of UCaaS and CCaaS solutions has recently pivoted a bit more towards profitability versus growth, said Koujalgi, who notes this has impacted its topline. The analyst, who calculates that net new ARR has been declining year-over-year for the past two quarters, is also concerned about the competitive landscape in this space and pricing pressure.