Vodafone Share Price Climbs as Revenues Increase

It was a good start to the week for Vodafone (VOD) shares. Having opened at 206.64p, despite the fact that the price dropped almost immediately to 204.70p, it recovered throughout the day and in the end closed up at 207.85p. The shares are now up 2.11% for the week and 9.19% for the month.

The rise came as interim results from the company showed evidence of growing stabilisation in its European markets and it is thought that earnings for this year will be towards the higher end of expectations. Revenues rose 8.9% for the six months to 30 September and this trend is expected to continue with EBITDA forecast to be in the range of £11.6 billion to £11.9 billion this financial year.

Nonetheless brokers remain cautious. Yesterday Berenberg reiterated its ‘Hold’ assessment and kept its target price of 214p while Nomura reiterated its ‘Reduce’ assessment.