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BUZZ-Vodafone: Citigroup upgrades on rising free cash flow

Reuters - UK Focus

** Vodafone Group (NasdaqGS: VOD - news) shares up 1 pct after Citigroup (Swiss: C-USD.SW - news) upgrades to "buy" from "neutral"; among top gainers on FTSE 100

** Broker says potential debt and hybrid funded deal to buy Unitymedia would add 12-15 pct to co's free cash flow

** Vodafone trades on an equity FCF of 7.9 pct and a FCF to firm of 5 pct in FY18 which will rise according to Citigroup (NYSE: C - news) 's forecasts to 9.3 pct and 6.5 pct in FY22

** Says markets remain competitive but Germany and Spain look to be structurally attractive for the long term

** UK is improving, Netherlands may have stabilised and India could end up with a much more appealing market structure - top-rated Citi analyst Simon Weeden writes in a note

** Brokers bullish on stock with 19 of 25 rating it "buy" or higher