UPDATE: Oppenheimer Starts Vonage (VG) at Outperform

(Updated - June 19, 2015 8:59 AM EDT)

Oppenheimer initiated coverage on Vonage (NYSE: VG) with an Outperform rating and a price target of $6.00. Analyst Timothy Horan thinks margins are set to bottom.

"We expect the consumer business to continue its secular decline (~5% YoY on the top line) but business revenue growth in the 30% range, with M&A materially adding to this. Margins should bottom in the next few quarters," said Horan.

For an analyst ratings summary and ratings history on Vonage click here. For more ratings news on Vonage click here.

Shares of Vonage closed at $4.81 yesterday.

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