UBS warns Vodafone shares may fall post-Q4 despite raised price target, citing buyback expectations priced in.

UBS raised Vodafone's 12-month price target from 84p to 95p but maintained a Sell rating, warning the recent share rally may be overdone. Vodafone shares have surged 60% in the past year, driven by sector rotation, buyback hopes, and other factors. UBS believes expectations of another €2bn buyback for FY27 are already priced in, risking a share price decline after Vodafone's Q4 results on May 12. Investors should be cautious as the stock could see a pullback despite the raised target price.