RingCentral falls as Rosenblatt cuts rating on near-term turbulence

RingCentral

23/10/2023 15:41

** Shares of cloud communications provider RingCentral
 RNG.N  fall 5% to $26.5, hitting near six-month low
    ** Rosenblatt cuts rating to "neutral" from "buy" and lowers
TP to $35 from $52
    ** Brokerage says recent change in leadership might lead to
reset in revenue expectations
    ** It expects RingCentral's new products' expansion into
India and Portugal, and AWS partnership to take 4-6 quarters to
make significant impact
    ** Shares down 25.5% YTD

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))