RingCentral downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded RingCentral (RNG) to Equal Weight from Overweight with a price target of $37, down from $45. The firm believes RingCentral could underperform its software-as-a-service peers in 2025, saying there is less upside to 2025 Street revenue numbers, as the company’s collaboration market would be a lower priority add in an improving macro environment. Channel checks also report limited appetite for RingCentral standalone solutions, and increasingly more customer preference for voice operators available via Microsoft (MSFT) Operator Connect for Microsoft Teams voice opportunities, the analyst tells investors in a research note.