- Vodafone (NASDAQ:VOD) is up 1.5% premarket in U.S. trading as Morgan Stanley signals a strong fiscal year coming in a note recapping its Overweight rating.
- The company should see strong EBITDA and cash growth, though revenue growth will stay muted and the India business may need another injection of €2B-€3B, the firm says. (h/t Bloomberg)
- Meanwhile in Europe, the company should be able to fund cable acquisitions via debt and without significant equity issuance.
- It's lowered its price target to 270 pence from 280 pence, implying 32% upside.