Vodafone shares have retraced by half since an early-year rally on disappointment that the telco has yet to be a protagonist in consolidation.
That is harsh suggests Deutsche Bank, which notes service revenue grew by almost 3% in 2021, with prices rising by inflation plus 4% this year in the UK though less elsewhere.
A major shadow is the prospect of higher energy costs, which are likely to be a drag of at least €150mln in both fiscal 2023 and 204.
Even so, firmly a buy said the bank but with a slightly reduced target share price of 225p against 230p previously