Vodafone has announced that it grew sales by only 1.6% in its first half of the fiscal year, due to regulatory difficulties in Germany, which remains its largest market.

Following this announcement, UBS confirms its neutral opinion on the stock, but lowers its target price to 70 pence (from 77 pence).

'The German recovery is likely to be weaker than expected. Uncertainties weigh on German investment and competitive dynamics' says UBS.

Vodafone has nevertheless confirmed that it is on track to achieve its full-year adjusted EBITDAaL target of around €11 billion.

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