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Vonage (VG) Stock Surges, Price Target Increased at Craig-Hallum

NEW YORK (TheStreet) -- Shares of Vonage Holdings (VG) were higher by 9.33% to $6.27 in early afternoon trading on Thursday as Craig-Hallum upped its price target to $10 from $8.50, citing positive outlook on the company's Nexmo acquisition, which has recently been identified as a growing competitor to Twilio (TWLO).

In an SEC filing this week, Vonage disclosed details related to its $230-million purchase of Nexmo. Craig-Hallum said it was surprised by the similar growth rates between Nexmo and Twilio, TheFly reports.

RealMoney's Anders Keitz said that Nexmo is shaping up to be a direct competitor to Twilio, with a similar client list that includes Alibaba...


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