Vodafone: Berenberg cuts target price

(CercleFinance.com) - Berenberg said on Monday that it has lowered its target price for Vodafone shares from 115 pence to 100 pence, while renewing its buy rating on the stock.


In a report, the broker stresses that the share of the British mobile phone giant may now seem "cheap", trading at a P/E of 9x and a dividend yield of 9%.

However, Berenberg believes that this low valuation is not due to chance, pointing out that the group still does not have a permanent CEO and that its earnings momentum remains at least fair.



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