UBS flags caution on Vodafone Germany ahead of Niel board hopes
UBS analysts Polo Tang and Dhruva Kusa Shah said they are positive on Vodafone Three but cautious on Vodafone Germany, noting investors may focus on whether Xavier Niel can lead a turnaround if he joins the board. UBS has a sell rating and a 95 pence target; Vodafone shares were down 4.2% at 119.20 pence.