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Jul 14, 2009, 4:46 a.m. EST
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Vodafone Group shares weaken after downgrade
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Comments Screener Alert Email Print ShareBy Sarah Turner, MarketWatch
LONDON (MarketWatch) -- Vodafone Group shares declined in a broadly higher London equity market on Tuesday after UBS downgraded its stance on the wireless telecom giant.
/quotes/comstock/23s!a:vod
UK:VOD 112.70, -2.35, -2.04%
140130120110AMJJShares of Vodafone Group /quotes/comstock/23s!a:vod (UK:VOD 112.70, -2.35, -2.04%) /quotes/comstock/13*!vod/quotes/nls/vod (VOD 18.76, +0.26, +1.41%) declined 1.8% in the top London index.
On Tuesday UBS downgraded the telecom firm to neutral from buy and said that, given its expectation for poor key performance indicators and cuts to consensus estimates, it was introducing a short-term sell rating.
"Economic pressures, market-share loss and exchange rates have combined to put pressure on our earnings estimates for Vodafone," the broker said.
It is expecting European revenue at the group to come under additional pressure with a fall of 5.5% due to an increased termination rate in Germany and the fact that the U.K. number was flattered by a one-off impact from an accounting change last quarter.
Morgan Stanley, in a note on the firm also out Tuesday, said that it expects worse results in Germany and the Netherlands due to termination-rate drags.
Modestly worse trends are expected in Spain, Greece, the U.K. and Italy due to cyclical and competitive factors, the broker said.
Still it also said "we believe that there is a reasonable chance that the first quarter forms the low point of the current decline, or at least that the second quarter records a figure comparable to the first quarter, with less negative quarters ahead." The firm will release an update on July 24.
Overall, the U.K. FTSE 100 index /quotes/comstock/23i!i:ukx (UK:UKX 4,233, +30.91, +0.74%) climbed 0.7%, or 30.09 points, to 4,232.22.
Other European shares were also higher, while U.S. stock futures were advancing ahead of results from U.S. banking giant Goldman Sachs due out later in the session See Europe Markets.
Metal stocks and banks were helping the advance in London, with shares of platinum extractor Lonmin /quotes/comstock/23s!a:lmi (UK:LMI 1,072, +87.00, +8.83%) up 6.1% and shares of Lloyds Banking Group /quotes/comstock/23s!a:lloy (UK:LLOY 66.67, +2.27, +3.52%) /quotes/comstock/13i!lyg/quotes/nls/lyg (LYG 4.28, +0.05, +1.18%) up 4.1%.
Both sectors are perceived as closely tied to economic growth and there was some better news on the U.K. economy on Tuesday, with data showing that retail sales rose by more than expected in June.
Another gainer in the top London index was food and household goods group Unilever /quotes/comstock/23s!e:ulvr (UK:ULVR 1,463, +10.00, +0.69%) /quotes/comstock/13*!ul/quotes/nls/ul (UL 23.64, +0.38, +1.63%) , with shares of the firm up 1% at 1,467p.
J.P. Morgan upgraded the firm to overweight from neutral, saying the company has the potential to grow earnings per share by between 10% and 11% a year.
The group said its price target is 2,000p a share or around 40% above current levels.
"While this valuation should be earned through building a consistent track record, we think the market could start discounting early signs of an earnings turnaround," it added.
Soft-drinks maker Britvic /quotes/comstock/23s!e:bvic (UK:BVIC 304.50, +7.25, +2.44%) advanced 2.1% outside the top index.
The firm said that revenue rose 5.9% to 249.1 million pounds in the 12 weeks to July 5, as brands drove growth. Fiscal-year earnings are now expected to top expectations, the firm said.
Sarah Turner is a markets reporter for MarketWatch in London.
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/quotes/comstock/23s!a:vod Vodafone Group (VOD) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 112.65 Change -2.35 -2.04%
Volume 45.80m Real time quotes Add to portfolio uk:VOD Create alert /quotes/comstock/13*!vod/quotes/nls/vod Vodafone Group PLC (VOD) /marketstate/country/US The market is open5:51:27 am The market is closed5:51:27 am $ 18.76 Change +0.26 +1.41%
Volume 3.72m Real time quotes 19.0018.8018.6018.4018.208a10a12p2p4p6p Add to portfolio VOD Create alert /quotes/comstock/23i!i:ukx FTSE 100 Index (UKX) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 4,233 Change +30.42 +0.72%
Volume 0.00 Real time quotes Add to portfolio uk:UKX Create alert /quotes/comstock/23s!a:lmi Lonmin (LMI) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 1,072 Change +87.00 +8.83%
Volume 1.13m Real time quotes Add to portfolio uk:LMI Create alert /quotes/comstock/23s!a:lloy Lloyds Banking Gp (LLOY) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 66.78 Change +2.27 +3.52%
Volume 19.90m Real time quotes Add to portfolio uk:LLOY Create alert /quotes/comstock/13i!lyg/quotes/nls/lyg Lloyds Banking Group PLC (LYG) /marketstate/country/US The market is open5:51:27 am The market is closed5:51:27 am $ 4.28 Change +0.05 +1.18%
Volume 810,920 Real time quotes Add to portfolio LYG Create alert /quotes/comstock/23s!e:ulvr Unilever Plc (ULVR) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 1,463 Change +10.00 +0.69%
Volume 603,390 Real time quotes Add to portfolio uk:ULVR Create alert /quotes/comstock/13*!ul/quotes/nls/ul Unilever PLC (UL) /marketstate/country/US The market is open5:51:27 am The market is closed5:51:27 am $ 23.64 Change +0.38 +1.63%
Volume 2,900 Real time quotes Add to portfolio UL Create alert /quotes/comstock/23s!e:bvic Britvic (BVIC) /marketstate/country/UK The market is open5:51:27 am The market is closed5:51:27 am 304.75 Change +7.25 +2.44%
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