BUZZ-View from the buyside: Brewin Dolphin on Vodafone

** Fears over Vodafone's uncovered dividend following sale of Verizon (NYSE: VZ - news) stake could create buying opportunity.

** Shares (Berlin: DI6.BE - news) down 19 pct since completion of sale, with loss of earnings leading to an uncovered dividend.

** Market too focused on loss of earnings says Nik Stanojevic, analyst at Brewin Dolphin (LSE: BRW.L - news) , a wealth manager with around 25 billion pounds of client assets.

** "Vodafone has the capacity to fund the dividend without cuts, and if it covers the dividend and returns from negative growth in Europe it looks cheap," he said.

** Analysts forecast EPS of 5.94p for the full year ending March 2015, down from 17.40p reported in March this year.

** Figure well short of projected 2015 dividend of 11.21p.

** Now (NYSE: DNOW - news) trades on a P/E of 30, nearly treble its multiple before the sale was announced. Chart: http://link.reuters.com/faj92w

** Reported revenue fall of 7.9 pct in Europe in July.

** Upside from proposed IPO of its Indian arm also understated, Stanojevic adds. (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)