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Vodafone: shares up on positive broker note

(CercleFinance.com) - Shares in British phone giant Vodafone rose on Thursday following positive broker comments, with the stock trading up 2.
7% at 151.4 pence just before lunch.

In a note to clients, Morgan Stanley said that it has raised its target price for the share from 210 pence to 250 pence, seeing "many reasons to be positive for 2020."

The broker sees Group EBITDA growth improving from +1% in the first half of the year to +4% in the second half, on top of the telecom company's "impressive" de-leveraging initiatives.

"The top-line has rebounded faster than expected, and will likely continue to do so," Morgan Stanley adds, keeping its "overweight" rating on the share.

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