Communication Software: Q2 Preview: Steady Execution, Inflection Still Pending

研报英文原文证据摘录

Communication Software: Q2 Preview: Steady Execution, Inflection Still Pending

Idea

July 23, 2026 04:14 AM GMT

Morgan Stanley & Co. LLCMCommunication Software | North America Elizabeth Porter, CFA

Equity Analyst

Q2 Preview: Steady Execution, Elizabeth.E.Porter@morganstanley.comAdam Wood +1 212 761-3632

Adam.Wood@morganstanley.com +1 212 761-3656

Inflection Still Pending Josh Baer, CFA

Josh.Baer@morganstanley.com +1 212 761-4223

2Q checks held broadly stable – two of three partners at/above Jamie Reynolds

plan, the third stagnant – but not suggestive of demand ResearchJamie.Reynolds@morganstanley.comAssociate +1 212 761-2087

inflection. See limited scope for 2Q to catalyze CCaaS, with

Software

CY26 outlooks likely reiterated. Prefer TWLO on fundamentals, North America

though upside looks priced in; lean FIVN vs. NICE. Industry View Attractive

Key Takeaways

2Q checks were stable-to-modestly-better, with two partners at/above plan and a

third stable-to-stagnant; no acute pullback in demand.

NICE checks lean constructive, with one partner seeing outperformance / share

gains, others steadier; Cognigy seen as a real conversational-AI edge

FIVN checks mixed on competitive positioning, but 2026 guide screens

achievable; prefer FIVN vs. NICE into prints on cleaner 2H setup.

Continue to see TWLO as best positioned on fundamentals, but with shares

+30% since 1Q, expected 2Q upside looks largely priced in.

Prefer CCaaS over UCaaS; checks still show no bear-case seat reductions, but see

limited scope for 2Q to catalyze a CCaaS re-rating.

Holding Pattern Continues. 2Q checks were broadly stable-to-modestly-better on

demand, with two partners seeing practice performance at or slightly above plan

and a third describing the space as stable-to-stagnant rather than deteriorating –