MARKET TALK: Credit Suisse Cuts Vodafone Group To Neutral

29th Jun 2010 07:44

0644 GMT [Dow Jones] Credit Suisse lowers Vodafone Group (VOD.LN) to neutral from outperform following outperformance and minimal upside vs consensus forecasts. Brokerage sees modest upside to consensus EPS and free-cash-flow forecasts, but all driven by Verizon (VZW) EBIT, with a recovery in Vodafone Europe now reflected in consensus forecasts. "We see relatively low earnings risk and growing cash return," it adds. For 1Q '10, Credit Suisse expects a modest economic drag in Southern Europe whilst Vodafone UK and Germany rebound. Has a 160p target price. Shares closed at 146p Monday. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 29, 2010 02:44 ET (06:44 GMT)