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Fly News Breaks for December 9, 2019
AVYA, RNG
Dec 9, 2019 | 08:59 EDT
BofA/Merrill analyst Nikolay Beliov raised his price target on RingCentral (RNG) shares to $198 from $187 following his recent checks with Avaya (AVYA) distributors and channel partners, stating that "while much work needs to be done on the partnership," feedback has been positive. His key takeaway from his talks with partners is that, on average, they believe around 50% penetration for Avaya Cloud Office is possible over the long-term, Beliov noted. He maintains a Buy rating on RingCentral shares.
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