As previously reported, Dougherty analyst Catharine Trebnick downgraded 8x8, Inc to Neutral after its "mixed" Q4 results with a 1c earnings miss and a slightly better than expected revenue. The analyst notes that the quarter featured a channel improvement as the number of partners rose to 698 from 400 in the prior quarter. However, Trebnick also points to "another reset" implied in 8x8's FY20 guidance as the company continued to boost investments to accelerate its revenue growth. The analyst sees the stock as "fairly valued", trading in line with its peer group's multiple of 4.4-times her expected FY20 sales.