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Fly News Breaks for December 23, 2019
Dec 23, 2019 | 08:16 EDT
Needham analyst Richard Valera lowered his price target on Vonage to $11, saying the company had a "disappointing" 2019 as its stock price has fallen about 10% year-to-date because of decelerating Applications business that lacked a "full international footprint". The analyst further notes that a "quick snap back" in Applications is unlikely, but with its valuation at just over 2-times sales, he sees any signs of improving momentum as a likely catalyst for upside in the stock. Valera keeps his Buy rating on Vonage, stating that its valuation is "too compelling to ignore."
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