MARKET TALK: Goldman Sachs Cuts Vodafone price Target

30th Jun 2010 10:37

0937 GMT [Dow Jones] Goldman Sachs cuts Vodafone (VOD.LN) price target to 155p from 171p. It cites challenges due to forex, austerity measures in Europe and competitive risks to the core European business in the medium-term. It thinks a return to revenue growth driven by smart-phones is unlikely and says Vodafone now faces likely negative underlying earnings momentum. GS retains a neutral rating on the stock which, following recent outperformance, no longer looks inexpensive versus the depressed European peers, says Goldman. Shares -1.4% at 140.3p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 30, 2010 05:37 ET (09:37 GMT)

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