Berenberg upgraded Vodafone (VOD) to Buy from Hold with a price target of 119 GBp, up from 82 GBp. Following the “strong” fiscal Q2 report, the analyst believes Vodafone can deliver sustainable free cash flow and dividend growth in the coming years. The company has “substantial future capacity for value-creation opportunities, with an increasingly robust balance sheet,” the analyst tells investors in a research note.
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