AVYA - Avaya rises for second day as analysts boost targets following earnings beat

Avaya Holdings (AVYA) is up 10.4%% today, a second day of healthy gains following its quarterly earnings beat-and-raise. Shares rose 12.9% yesterday after the report. That's led to price target increases from analysts. Cowen boosted its target to $40 from $26 (implying another 24% upside), expecting that raised guidance on annual recurring revenue raises the possibility of more outlook raises throughout the year. Craig-Hallum also raised to $40 from $26 and also noted the ARR, along with strength in new logo/customer/partners growth. Barclays reiterated its Overweight rating and hiked its target to $35, citing solid demand and momentum in cloud and subscription. The offering changes during last year seem to have resonated with both new and existing customers, it says. Earnings call presentation Earnings call transcript

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Avaya rises for second day as analysts boost targets following earnings beat