Goldman Sachs issued a rare double-upgrade for Vodafone Group on September 4, 2026. Analysts raised the stock rating to Buy from a previous Sell. The bank increased its price target to 155 pence from 85 pence. This revision follows an accelerating return on invested capital. Vodafone shares rose following the announcement.
The move reflects a broader positive reassessment of European telecommunications and digital infrastructure. Goldman Sachs anticipates an accelerating free cash flow outlook and rising shareholder returns across the sector.
Specific drivers for Vodafone include anticipated UK market repair and increased cost-cutting measures. Analysts noted that Vodafone’s leverage could amplify a potential stock re-rating. The bank acknowledged that Vodafone's structural quality currently remains below the sector average.