AVYA - RingCentral: Won't Escape The Secular Tailwind Anytime Soon
Overview
RingCentral's (RNG) shares have been up by over 50% since our first coverage six months ago, where we highlighted the secular growth opportunity considering RingCentral's strengthened market leadership in UCaaS (Unified Communication as a Service), due to its deep partnership with legacy player Avaya (AVYA). Currently, we see some near-term as well as long-term catalysts around the stock. Overall, we believe that RingCentral should continue to benefit from the partnership and the secular tailwind in the unified and contact center markets across the mid-market and enterprise. We maintain our