UBS has lowered its target price for Vodafone from 77 pence to 70 pence while keeping a "Neutral" rating.
Analyst Polo Tang made this adjustment after reviewing the telecom company's quarterly results, which showed weaker performance trends in Germany.
Tang expressed concerns that the recovery of Vodafone's business in Germany would take longer than expected, as the latest results confirmed his earlier concerns about the challenges in the market.
The revised target reflects a cautious outlook on Vodafone's performance given the ongoing difficulties in one of its key markets.