As previously reported, Morgan Stanley analyst Meta Marshall downgraded 8x8, Inc. (EGHT) to Equal Weight from Overweight with a price target of $23, down from $28. Like Avaya (AYVA) and Vonage (VG), Marshall believes 8x8 shares remain too inexpensive. However, all three names have not been growth leaders and she thinks all three of these companies face an uphill battle to regain confidence and lack near-term catalysts, leading her to believe Equal Weight ratings are appropriate for all three. 8x8 has had to invest heavily in the channel to catch up with investments made by RingCentral (RNG) and this has been more expensive and slower to show benefits than expected, Marshall noted.