Another Vodafone downgrade comes in

Just when Vodafone investors thought their share price might be in the process of making a recovery, market sentiment moves towards the negative side again. First, the news that Vodafone might bid for Kabel Deutschland didn't seem to please the market and now a broker downgrade, a fairly substantial one comes in.

...broker downgraded issued by Sanford C. Bernstein & Co.

Analysts at the brokerage moved Vodafone's stock from Market Perform down to Underperform - while also issuing a swinging cut to their target share price.

VOD's target now sits at 135, down from 170.

Vodafone’s European assets, which account for about 40 percent of the group operating profit, may shrink by 23 percent in the next three years, Bernstein said.

http://www.economy-news.co.uk/shares/share-price-drivers/2767-vodafone-group-plc-shares-downgraded-4543545

Meanwhile, Vodafone continues to buy up its own shares as part of its buyback plan. One assumes they don't think it will go to 135p, otherwise it might be best to wait to get a better price. On the other hand, companies probably don't try to time the market in the same way traders or investors might do, Vodafone no doubt feels that long term there will be value in buying at the current levels between 160 and 170p.

Vodafone - "damned if they do, damned if they don't".

http://www.economy-news.co.uk/shares/share-price-drivers/2730-vodafone-share-report-and-strategic-vision-questions-443545