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Vodafone: BofA upgrades stock

( - On Thursday BofA upgraded its rating on Vodafone shares from "neutral" to "buy", nudging up its target price for them from 130p to 131p (current price about 91.
5 pence, +4%).

In a report, the broker explains that market sentiment around the British mobile phone operator has now fallen to multi-year lows.

So much so that the stock now looks particularly cheap, especially as it could benefit from upward revisions to analysts' earnings estimates as energy prices ease.

Despite the unfavourable market sentiment surrounding the stock, a few strategic factors could prove supportive and justify a 'more constructive' view on the stock, BofA adds.

In particular, the analyst mentions the scenario of a capital reallocation and a restructuring of the business portfolio that could facilitate priority investment in growth in Germany.

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