Berenberg raised its Vodafone price target to 140 pence from 123 pence and maintained its buy rating. The bank also initiated coverage of Vodafone’s U.S.-listed ADRs with a buy rating and an $18.50 price target. Its positive outlook reflects stronger forecasts following Vodafone’s first-quarter results.
Berenberg forecasts free cash flow to reach the top end of Vodafone’s guidance for fiscal 2027. It also expects free cash flow to grow by more than 10% annually from fiscal 2026 through 2030. The bank cited potential further consolidation in the German telecom market as a possible catalyst.
Separately, Societe Generale reported a slight decrease in its major holding in Vodafone. Its total voting rights stood at 8.995965% as of September 30, 2026.