Vodafone downgraded to Sell from Neutral at UBS

UBS downgraded Vodafone (VOD) to Sell from Neutral with a price target of 80 GBp, up from 72 GBp. The shares are trading at a premium valuation on reported free cash flow yield despite risks from rising fiber competition in Germany, the analyst tells investors in a research note. The firm expects a de-rating of Vantage Towers from the loss of revenues in Spain.