Vonage's V-Phone - a USB-like device that turns any laptop into a Vonage phone - makes its Canadian debut today in downtown Toronto. Vonage shares, meanwhile, closed at $7.87 yesterday after touching a new low of $7.81 - 54% below the IPO price. It's interesting to see that analyst coverage of Vonage is expanding. UBS Securities recently initiated coverage with a "neutral" rating and a $10 target price, while CitiGroup initiated coverage with a 'hold" rating and an $11 target price. The target prices make you wonder how Vonage ever managed to sell the IPO at $17 a share. Someone did a great job selling investors on the prospects for Vonage and VoIP.
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Friday, July 7
by
Mark Evans
on Fri 07 Jul 2006 09:42 AM EDT
Vonage's V-Phone - a USB-like device that turns any laptop into a Vonage phone - makes its Canadian debut today in downtown Toronto. Vonage shares, meanwhile, closed at $7.87 yesterday after touching a new low of $7.81 - 54% below the IPO price. It's interesting to see that analyst coverage of Vonage is expanding. UBS Securities recently initiated coverage with a "neutral" rating and a $10 target price, while CitiGroup initiated coverage with a 'hold" rating and an $11 target price. The target prices make you wonder how Vonage ever managed to sell the IPO at $17 a share. Someone did a great job selling investors on the prospects for Vonage and VoIP. |
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