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Bear Stearns Sees Buying Opportunity in Vodafone Shares

Bear Stearns reiterated its buy rating on shares of Vodafone Group (VOD), saying the stock's recent underperformance presents a good buying opportunity.

Analyst Fanos Hira says fourth-quarter consensus forecasts should be exceeded. He says sector- and company-specific issues regarding U.S. wireless growth, devaluation of the Japanese yen, slowing European growth, and asset impairment charges are not new and are overly discounted in the company's current share price. He believes the company should generate substantially higher growth and free cash flow than the stock price implies. Hira thinks the current price assumes only 7% annual free cash flow growth from March, 2004, to March, 2007. He maintains a $28.80 price target.

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