Vodafone downgraded to Buy from Conviction Buy at Goldman Sachs

Goldman Sachs analyst Andrew Lee removed Vodafone from the firm’s Conviction List but keeps a Buy rating on the shares with a price target of 120 GBp, down from 160 GBp. The analyst still believes structural growth of Vodafone’s German business can inflect to above-average levels versus peers, boosting its growth and driving a re-rating of the shares. However, evidence of this is unlikely to be seen before the fiscal 2023 results in May, Lee tells investors in a research note.