UPDATE: Citi Lowers PT on Vonage Holdings Corp

Citi has published a research report on Vonage Holdings Corp VG lowering the price target. In the report, Citi wrote, "We are encouraged by VG's recent debt refinancing that should lower interest expense by another $20 mil. annually, while we believe the company has room to lower capital spending guidance given its slower 1H/11 spend." Citi rated Vonage a Hold with a price target lowered from $4.75 to $4.00. Vonage closed Tuesday at $3.25.