As previously reported, HSBC analyst Stephen Howard upgraded Vodafone to Buy from Hold, citing his view that the decision to rebase the dividend to 9.0 eurocents per share and the New Zealand disposal point to welcome proactive management of the balance sheet. Revenue trends are set to improve through FY20 and he believes "the tone of the company's commentary should get progressively brighter," Howard tells investors. While the dividend cut may leave Vodafone trading at a discount to peers, he believes this gap to the sector average will narrow, Howard added. He maintains a 160p price target on Vodafone shares.