Vodafone's Growth Takes Off: Rating Downgrade

Vodafone has been upgraded from "neutral" to "buy" by the author, citing the company's recent turnaround after years of underperformance. The author notes that Vodafone's investment in its European business has paid off, with a 7% increase in its operating free cash flow. The author also highlights the company's potential for growth, with a 40% increase in its dividend yield. However, the author also notes that Vodafone faces challenges in its markets, including increased competition and economic uncertainty.