Shares in Vodafone hit a 25-year low this month, but the company offers a dividend yield of 8.4% and BofA analysts say it's a 'buy.'
Vodafone 's stock price hit a 25-year low this month — but sentiment may be turning around. Bank of America analysts upgraded the U.K. company's stock to "buy" on Thursday, saying they expect shares to rise by 42% to £1.31 over the next 12 months. Shares have risen 4% to £0.91 since the investment bank's rating upgrade. The stock also currently offers a dividend yield of 8.
The FTSE 100 company has attempted to mitigate those concerns by selling off part of its stake in Vantage Towers, Europe's largest operator of mobile phone masts. It hopes to recover more than 3.2 billion euros from the sale. Vantage Towers , previously a wholly owned subsidiary of Vodafone, owns 68,000 sites and was spun off from Vodafone in July 2020. The move was part of an asset sale program that began under Read to increase the company's focus on Europe and Africa.
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