Deutsche Bank Re-Initiates Vodafone Group (VOD) with a Buy
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Deutsche Bank re-initiates coverage on Vodafone Group (NYSE: VOD) with a Buy rating.
The firm said, "Vodafone has underperformed YTD such that adjusted cash flow yields are now extremely compelling. Regulation and the slowing economy are a threat but Vodafone is diversified and the risks are substantially discounted. A new CEO could see a renewed focus on costs and even a change in philosophy on associates. Recent concerns have been over-played MTR regulation will have a negligible impact on current and prospective year forecasts. Mobile data has lost some momentum but we anticipate an H2 recovery."
Deutsche expects European voice to strengthen near term and mobile data to recover further out. In addition, the firm believes that EMAPA and fixed have potential to surprise on the upside while "capital intensity can remain low despite substantial mobile data traffic growth."
Vodafone Group Public Limited Company provides voice and data communications services for consumer and enterprise customers in Europe, the Middle East, Africa, the Asia Pacific, and the United States.
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