KeyBanc analyst Alex Kurtz started Vonage Holdings with an Overweight rating and $17 price target. Vonage is reaching an inflection point with mid-market and enterprise customers that is driving improved monthly recurring revenue and should lead to a positive bias to Street estimates, Kurtz tells investors in a research note. He believes the company has transformed into a leading unified communications as a service and communications platform as a service vendor. The analyst admits, however, that Vonage's debt load and cash levels are likely to cap its near-term multiple.