8×8 price target lowered to $3.50 from $4 at Rosenblatt

Rosenblatt analyst Catharine Trebnick lowered the firm’s price target on 8×8 (EGHT) to $3.50 from $4 and keeps a Buy rating on the shares. The firm says that while channel checks suggest continued demand for the company’s solutions and new product activity is picking up, the overall environment presents some near-term challenges. IT budgets are tight as companies appear to be delaying spending decisions until after the election, the analyst tells investors in a research note.