As previously reported, Morgan Stanley analyst Meta Marshall downgraded Poly (PLT) to Equal Weight from Overweight with a price target of $21, down from $44. Poly can capitalize on the growth of the UCaaS market by enabling software cloud vendors, but with multiple product transitions, customer transitions such as Microsoft's (MSFT) move to Teams from Skype and moves to rationalize the channel post the Polycom acquisition, she sees too much uncertainty and would like to see more evidence of channel repair and new product traction to gain more confidence, Marshall tells investors. Including earnings last night, the company has seen a meaningful shortfall compared to expectations over the past couple of quarters, Marshall added.