BROKERWATCH Vodafone cut to 'sell' from 'hold' at Investec, target 110 pence

LONDON, Jul 23, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter

Company: Vodafone Group Plc (VOD)

Investec has downgraded Vodafone Group Plc. to 'sell' from 'hold' with a target price of 100 pence.

In a note published this morning, Investec said that Vodafone's quarter one results highlight its lack of defensive qualities and deteriorating earnings visibility.

The broker added that it is concerned that guidance may prove optimistic for the group in an economic slowdown and financials are exposed to a downgrade cycle which will weigh on share performance.

joanne.frearson@thomsonreuters.com jf/jfr

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Company: Vodafone Group Plc (VOD)


Related terms: earnings, note

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