Morgan Stanley Downgrades RingCentral to Equal-Weight, Lowers Price Target to $42
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Meta Marshall has downgraded RingCentral (NYSE:RNG) from Overweight to Equal-Weight and lowered the price target from $49 to $42.
August 08, 2023 | 5:07 pm
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NEGATIVE IMPACT
RingCentral's stock has been downgraded by Morgan Stanley from Overweight to Equal-Weight, with a reduced price target of $42.
The downgrade from Morgan Stanley is likely to have a negative impact on RingCentral's stock in the short term. The reduced price target suggests that the analyst sees less upside potential in the stock, which could lead to selling pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100