Commerzbank has issued a "reduce" recommendation on Vodafone and set a 12-month price target of £1.49 sterling (€2.42), down from the current £1.70 and £2.45 when Eircom shareholders got into Vodafone.

Casting doubt on Vodafone's ability to grow average revenue per customer unit in a sustained way, it said the stocks' safe-haven perception is vulnerable.