Deutsche Bank Starts Vodafone (VOD) at Buy

Deutsche Bank initiated coverage on Vodafone (NASDAQ: VOD) with a Buy rating and a price target of GBP230.

Analyst Robert Grindle said, "Vodafone shares did well last year and early this on excitement over the sale of VZW and AT&T's potential interest. Since then, the market has re-appraised the new-look Vodafone, unadorned by its US jewel and bid-spec has subsided. Whilst Vodafone shares do not look particularly cheap relative to peers, organic growth is starting to improve and the market discounts very little benefit from Project Spring or the synergies accruing from recent acquisitions. Economic recovery should also help and mobile data usage continues to be robust, both eventually driving higher growth and margins. In the meantime, div yield is attractive and recent weakness warrants initiation with a Buy."

For an analyst ratings summary and ratings history on Vodafone click here. For more ratings news on Vodafone click here.

Shares of Vodafone closed at $30.79 yesterday.

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