What happened Shares of 8x8 (NYSE: EGHT) gained 9.5% today after several Wall Street analysts expressed optimism regarding the company's new CEO. The analysts reiterated existing ratings while increasing price targets. Needham: Maintaining buy rating, increasing price target from $21 to $35. BTIG: Reiterating buy rating, boosting price target to $35. Riley: Keeping neutral rating, raising price target from $15.25 to $25. So what Yesterday, 8x8 named Dave Sipes, who was most recently serving as COO of RingCentral, as its new CEO, and reaffirmed its guidance for the fiscal third quarter. Outgoing CEO Vik Verma will remain as an advisor through the transition. Image source: Getty Images. Now what "We see the appointment as a game changer for EGHT," Needham analyst Richard Valera wrote in a research note to investors. "As one of the key architects and drivers of RNG's world-class execution across both product and go to market, Mr. Sipes is arguably the single best candidate for the EGHT CEO role." Sipes can improve 8x8's operations and potentially justify a higher valuation from investors, according to Valera. Riley analyst Josh Nichols acknowledges that the leadership change is a "significant positive" for the company, but believes the market is already pricing in the upside potential. 8x8 has seen sales growth decelerate while operating expenses remained excessive, in Nichols' view, so the transition should represent an opportunity for the communications technology company to turn things around. 10 stocks we like better than 8x8When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 8x8 wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source