VG - Vonage slips 3.1% as Investor Day fails to quell stock price downturn

Vonage Holdings (VG) is down 3.1% and heading for its fifth down session in a row, a downdraft that includes Friday's investor day, which contained a financial outlook that analysts expected would take some time to pan out. Morgan Stanley is encouraged by the new vision but says it lacks a catalyst, and noted that it may take several quarters for tangible business improvement. It's maintaining an Equal Weight rating and a $13 price target (about 7% upside implied). Similarly, J.P. Morgan is Neutral with a $13.50 price target - and while it says the strategy was laid out well, but it's waiting for evidence after some weak execution in the past. And Stephens is staying Overweight, with an $18 price target (49% upside). In contrast to J.P. Morgan's point, the firm highlighted a message of improved execution, and noted cheap relative valuation and some favorable tailwinds. Overall the Street

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Vonage slips 3.1% as Investor Day fails to quell stock price downturn