BUZZ-Vodafone: falls after Citi downgrades

** Shares (Berlin: DI6.BE - news) down 1.6 pct; among worst performing stocks on FTSE 100

** Citigroup (NYSE: C - news) downgrades stock to "neutral" from "buy," after co struck a more cautious tone for 2019 earlier this week

** Vodafone on Tuesday forecast 2019 organic core earnings growth of 1-5 pct and free cash flow before spectrum costs of at least 5.2 bln euros vs. 2018 number of 5.4 bln euros

** In a note titled 'Waiting for the sun', Citi says it sees India as the biggest risk to sentiment, as leverage and margin pressure raise concerns of recapitalization needs

** Vodafone, which entered India in 2007, is merging its operations with Idea Cellular (BSE: 532822.BO - news) to bulk up in an intensely competitive market

** Co has also struck a $21.8 bln deal to buy Liberty Global's cable TV and broadband networks in Germany and other markets to strengthen its business in Europe

** Citi says Vodafone-Liberty Global (Frankfurt: A1W0FL - news) deal structure appears sensible and that clearance is highly likely although the wait for approval may be long

** "The market will likely wait to see the remedies that may be required before it credits VOD for the full synergy potential," Citi analysts say