Vodafone resumed with a Neutral at Citi

Citi analyst Georgios Ierodiaconou resumed coverage of Vodafone with a Neutral rating and 93 GBp price target following a period of restriction. The analyst sees "significant fundamental upside" if the company executes well or in a breakup scenario. However, there are additional risks that may weigh on profitability in the coming quarters, says the analyst, who expects another reset to expectations.