LONDON, March 20, 2026, 18:51 GMT
Vodafone eked out a 0.28% rise to finish at 107.95 pence on Friday, nudging higher after Berenberg upped its price target. Still, the muted move suggests investors remain cautious, looking for clearer signs that the telecom’s restructuring will actually translate to steady cash flow. The FTSE 100, by contrast, dropped 1.44%. 1
Two broker calls in as many days have put the spotlight back on Vodafone, with investors caught between hopes for a German rebound and questions about folding in Three UK. On Friday, Berenberg shifted to a more positive tone. JPMorgan, a day earlier, lifted its target price but stuck to its downbeat view. 2
Berenberg bumped its price target on Vodafone up to 123 pence from 119 pence and stuck with a buy call. Analyst Paul Sidney noted he’s increasing his EBITDA forecasts for 2027 and 2028, following Vodafone’s recent quarterly results. Sidney added he’s turning more upbeat about the group’s key markets. 3
JPMorgan nudged its target up to 85 pence from the previous 71, though the underweight rating sticks. Analyst Akhil Dattani pointed out European telecoms have already outperformed the wider market since early 2024, so the bank still advises holding less of the stock than the benchmark. 4
It’s all about execution here. Back in February, Vodafone flagged confidence in hitting the upper range of full-year guidance after a decent Q3 in Turkey and Africa. Still, shares dropped more than 5% that day—Germany’s revenue missed by a sliver. CEO Margherita Della Valle said German customer experience was getting better “every quarter,” though she cautioned that the market stayed tough. Over in the UK, the Three deal is, in her words, showing “very good progress.” Guidance held: adjusted core earnings forecast at 11.3 to 11.6 billion euros, free cash flow seen between 2.4 and 2.6 billion euros. Vodafone also announced a new 500 million euro buyback. 5
On Thursday, Vodafone opened a pan-European logistics hub in Luxembourg, its latest effort to hammer home the message. “This will strengthen our supply chain resilience,” said Ninian Wilson, CEO of Vodafone Procure & Connect, adding that the new site brings capabilities for the broader telecoms ecosystem as Vodafone moves forward with 5G and fibre deployment. 6
Competitive pressures keep piling up. Britain rolled out a new five-year framework for BT Openreach’s fibre network this week, aiming to spur more competition. Orange is collaborating with AST SpaceMobile, and Virgin Media O2 just launched Europe’s first smartphone satellite service. For its part, Vodafone signed a deal this month tapping Amazon’s low-Earth-orbit satellites to link up remote 4G and 5G towers across Europe and Africa. 7
Friday’s rally could end up just a broker-note blip. British stocks have now fallen for three weeks running, with the Middle East conflict driving oil prices up again and reviving worries over inflation and rate hikes. It’s a setup that threatens consumer spending, tightening the margin for error around merger integration efforts in Germany and the UK. 8
Vodafone remains lodged in the middle—trading above JPMorgan’s 85 pence call but below Berenberg’s 123 pence target. Friday saw little change, price-wise, so that spread stays open. 9
