BUZZ-Vodafone: Bottom of FTSE 100 on Citi downgrade

** Telecom co Vodafone shares down 2 pct as Citi downgrades to "neutral" from "buy", raises target price to 245p from 240p

** Analysts say if political and economic risk shifts more to Eurozone (55 pct of EBITDA) from the UK (11 pct), co may be seen as less of a safe haven

** Citi points to ongoing political risk on the continent, most imminently from October referendum in Italy on senate reform

** Brokerage sees no significant positive catalyst for another two quarters following positive May results; adds fiscal H2 2017 more likely than H1 to see a return of positive momentum

** Cuts FY 2017 like-for-like EBITDA forecast by 1 pct to 15.5 bln euros

** Up to Monday's close, stock had risen 5.6 pct vs 5 pct fall in the STOXX Europe 600 Telecommunications EUR Price index since the close on June 23 (RM (LSE: RM.L - news) :sanjeeban.sarkar.thomsonreuters.com@reuters.net)