RingCentral falls as Rosenblatt cuts rating on near-term turbulence
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))