Vonage (VG) PT Raised to $16 at Needham & Company
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Needham & Company analyst Richard Valera raised the price target on Vonage (NASDAQ: VG) to $16.00 (from $15.00) while maintaining a Buy rating.
The analyst comments "VG's solid beat and raise 4Q20 print was overshadowed by the company's decision to retain its Consumer business after a strategic review. While this decision was disappointing to some investors, we view it as a clearing event that finally eliminates the distraction and risk associated with the disposition of this legacy business, and enables investors to focus on VG's fundamentals. To this end, new margin disclosure for VCP is helpful, and shows a business on the cusp of profitability. As well, VG's API business continues to perform strongly, and we think it has a multi-year runway of 30%+ growth, while Apps remains challenged, but with line of sight to an improving trajectory. Net, we view VG as undervalued, reiterate our Buy and increase our SoP-based PT to $16."
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