Baader Helvea lowered the firm’s price target on Vodafone to 130 GBp from 155 GBp and keeps a Buy rating on the shares following the release of the annual results. The firm has also revised slightly downward the EBITDA margin but the impact on the EPS is not very significant as the debt services should be lower, the group’s net debt having decreased by 15% year-over-year at the end of March thanks to the recent disposals.
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