As previously reported, Wells Fargo downgraded RingCentral to Equal Weight from Overweight with a $36 price target. The firm says that while it has “exercised patience with some of the pandemic ‘winners,'” it has become clear over the course of the past year that many are still struggling to find stable footing. Given the lack of clear growth/margin strategy going forward, Wells is expecting an uptick in activist/M&A interest in 2024 aiming to address these challenged models, but isn’t expecting substantive fixes in all cases.
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