Deutsche Bank reiterated its Buy rating on Vodafone Group (LSE:VOD), keeping its price target at 150p against a last close of 120.15p, after first-quarter organic service revenue growth topped both the broker's own forecasts and consensus in every market except Turkey.
DB analyst Robert Grindle said Vodafone, the UK-based telecoms group, is entering a "new growth chapter", pointing to progress on energy hedging, cost control and emerging-market price rises alongside a more benign macroeconomic backdrop than the company had planned for.
Grindle flagged Germany as a standout within the update: broadband net additions remain weak, but revenue growth there came in almost a percentage point ahead of expectations, prompting Vodafone to lift its full-year 2027 guidance to the upper end of its prior range, a move Deutsche Bank estimates is worth roughly 1% to group EBITDAaL and roughly 5% to adjusted free cash flow versus the guidance mid-point.
Grindle called the guidance upgrade "an encouraging development so early in VOD's FY27 financial year".
