Mizuho downgraded RingCentral (RNG) to Neutral from Outperform with an unchanged price target of $42. The commodization of the unified Communications as a service space has impacted RingCentral’s revenue growth over the last two years, the analyst tells investors in a research note. The firm points out the company’s revenue growth has dropped from 25% in 2022 to 9% in 2024.
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