Vonage (VG) Sinks in IPO Debut
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There's not much to "WooHoo" about for Vonage Holdings' (NYSE: VG) investors today after a lackluster IPO debut on the Nasdaq. In recent trading, shares of Vonage were down about 12% from the $17 IPO price, making it one of the worst IPOs of the year.
Analyst were already negative on the the stock before it even opened for trading. This morning two analysts at Soilel Securities, Todd Rethemeier and Gregory Lundberg, made negative comments on the stock. Rethemeier said "we are concerned about the level of competition in the voice telecom business and believe that the stock is pretty close to fairly valued at this level." Lundberg said, "We believe that VG is overvalued given the impact of downward market pricing trends for voice telephony; and the broader product offering and pricing power of primary competitors." Rethemeier started the stock at Hold with a $16 price target and Lundberg started the stock at Sell with a $13 price target.
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