Vodacom upgraded to Hold from Reduce at HSBC

HSBC analyst Madhvendra Singh upgraded Vodacom to Hold from Reduce with a price target of ZAR 103, up from ZAR 100. Vodacom has been increasing prices in the contract segment broadly in-line with inflation and expects this to continue going forward, the analyst tells investors in a research note. The firm says the company’s earnings headwinds may persist but are well known.