Morgan Stanley analyst Meta Marshall downgraded Five9 to Equal Weight from Overweight with a price target of $58. The company's multiple expansion has largely played out and its valuation now more appropriately reflects its growth adjusted premium, Marshall tells investors in a research note. The analyst, who remains confident in Five9's ability to grow in 20% range, wants to see traction in artificial intelligence in order to get more positive on the shares. Marshall increased Five9's bull case valuation to $90 from $75 per share but says his thesis has largely played out.