RingCentral assumed with an Equal Weight at Morgan Stanley

Morgan Stanley assumed coverage of RingCentral (RNG) with an Equal Weight rating and $29 price target Q3 checks were generally stable overall, though moderated relative to the sequential improvement seen in Q2, the analyst tells investors in a preview for the communication software group. While expectations across the group are low, the firm doesn’t see potential upside in results meaningfully shifting investor perception, the analyst added.