Vodafone: JPMorgan downgrades its advice

( – JPMorgan is downgrading its advice on Vodafone from ‘overweight’ to ‘neutral’ with a price target reduced from 175 to 168 euros, citing concerns about the short-term outlook for earnings in Germany, and fading M&A hopes.

“We have long argued that there is ‘portfolio value’ within Vodafone, but in the short term we are concerned that operational and financial trends in Germany will disappoint,” the broker said.

Faced with macroeconomic and rate uncertainties, JPMorgan fears that it will be increasingly difficult for the British telecom operator to carry out value-creating mobile consolidation operations on the market.

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