Jefferies analyst Samad Samana downgraded Vonage Holdings to Hold from Buy with an unchanged price target of $11. The timing of CEO stepping down stepping down is surprising, particularly considering CFO David Pearson announced his plans to retire earlier in 2020, Samana tells investors in a research note. With the shares near the price target and the pending departures of the top two executives, Samana is moving to the sidelines on Vonage shares.