RingCentral (NYSE:RNG) shares rose 2% early trading Monday in spite of MKM Partners analyst Catharine Trebnick lowering her rating on the cloud-based business communications company due the the lack of catalysts to spur new revenue growth.

Trebnick cut her rating on RingCentral (RNG) to neutral from buy, and also set a “fair” value estimate on the company’s stock to $40 a share and said, in effect, that the deck is stacked against the company regarding its ability to get revenue growing at a 30% annual clip.

“We do not see any near-term or mid-term catalyst,” Trebnick said, regarding RingCentral’s (RNG) growth outlook. “The competitive landscape is more crowded, and partner growth is not accelerating.”

Trebnick added that RingCentral (RNG) “faces challenges with software development deliverables” among service providers who have no problem with delaying the launch of a cloud-based unified communications system if, for some reason, the software system isn’t complete.

Additionally, Trebnick said that pressure from Microsoft (MSFT) Teams “will increase as organizations look to consolidate [software] suppliers” in the current economic environment.

Wall Street analysts and Seeking Alpha authors for have consensus buy ratings on RingCentral’s (RNG) stock, while Seeking Alpha’s Quant System, which historically outperforms the stock market, give RingCentral (RNG) a rating of hold.