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June 14, 2016, 3:08 p.m. EDT

Vonage's stock soars on heavy volume after analyst upgrade

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    Vonage Holdings Corp. (VG)

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By Tomi Kilgore

VG

Shares of Vonage Holdings Corp. /zigman2/quotes/209119823/composite VG +0.52% shot up 12% to a three-month high in active afternoon trade Tuesday, after Citigroup turned bullish on the cloud-connected communications services company, citing an attractive valuation. With an hour left in the regular session, volume was 7.6 million shares, or nearly triple the full-day average. Analyst Michael Rollins raised his rating to buy, after being at hold for at least the last two years. He bumped up his stock price target to $8, which is 51% above current levels, from $4.75. "We now see a favorable risk-reward scenario with an opportunity to improve business revenue growth, harvest consumer cash flow and generate favorable [free cash flow] yield at over 10% on our 2017 estimate," Rollins wrote in a note to clients. The stock has now run up 36% over the past month, but was still down 7.1% year to date.

/zigman2/quotes/209119823/composite
US : U.S.: NYSE
$ 7.73
+0.04 +0.52%
Volume: 5.36M
Nov. 15, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.88 billion
Rev. per Employee
$466,540
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