Citi resumes coverage of Vodafone at 'neutral'

The bank said it sees "significant" fundamental upside if the company executes well and/or in a breakup scenario.

"But there are additional risks that may weigh on profitability in the coming quarters and with FY23 results due in May, we expect another reset to expectations," Citi said.

"After that, there are potential options that could materialise, though we note that most are outside of Vodafone’s control and thus will only be attractive to investors if earnings risk is out of the way (at least temporarily)."