Vonage (VG) Higher After AT&T Allows VoIP Applications on iPhone

October 7, 2009 10:20 AM EDT

Shares of Vonage Holdings Corporation (NYSE: VG) are on the move today which is related to news from AT&T (NYSE: T) that it has taken the steps necessary so that Apple (Nasdaq: APPL) can enable VoIP applications on iPhone to run on AT&T's wireless network.

In addition, Citigroup raised its price target from $0.50 to $1.50, although they maintained a Hold rating.

Shares of VG are up 18% to $1.70 this A.M., already passing Citi's new price target.

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