Vodafone Share Price Rally Continues — These Analysts Remain Bullish

Vodafone (LON: VOD) shares have extended their strong run into the new year, rising 8.1% year-to-date and 56.7% over the past 12 months to trade at 106.4p. 

The rally comes despite analyst consensus pointing to a price target of 99.62p, according to TradingView, implying roughly 6.4% downside from current levels (as of Thursday’s close).

Even so, several banks remain constructive on the stock. In early January, Berenberg upgraded Vodafone to Buy from Hold, lifting its price target to 119p from 82p. 

The brokerage highlighted the company’s “strong” fiscal second-quarter update and said Vodafone is positioned to deliver sustainable free cash flow and dividend growth. 

The analyst also pointed to “substantial future capacity for value-creation opportunities, with an increasingly robust balance sheet.”

The bullish tone follows a December upgrade from Barclays, which raised Vodafone to Overweight from Equal Weight alongside an increased price target of 120p. 

The bank argued that after years of negative earnings momentum, 2026 “will bring a change in fortunes as Vodafone rediscovers a challenger mindset” in the UK broadband market.

Market positioning remains mixed. TradingView data shows six of 19 analysts rate the stock a buy, with six at hold and seven at sell. 

While the consensus target suggests limited near-term upside, recent upgrades indicate growing confidence among some banks that management’s strategy and improving fundamentals could support further gains.