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Avaya's (AVYA) fortunes could be set to inflect toward the back half of the year. Much of the heavy lifting is done - the core business has been largely stabilized following 2017's bankruptcy proceedings, and a compelling strategic partnership with RingCentral (RNG) is now in place as RingCentral's cloud solutions look set to accelerate Avaya's transition away from its legacy offerings. With a massive buyback set to unfold for the rest of FY20 and current valuations undemanding, the path is clear for a re-rating as the catalyst-rich AVYA story unfolds.