8×8 upgraded to Equal Weight at Morgan Stanley, coverage discontinued

Morgan Stanley upgraded 8×8 (EGHT) to Equal Weight from Underweight with a $1.90 price target Effective immediately, the firm said it is discontinuing coverage of 8×8 due to a reallocation of resources, noting that all prior research on the stock should no longer be relied upon. The analyst added that the new rating comes given encouraging signs of underlying stabilization at the company, from accelerating ex-Fuze growth and improved capital structure.