Nomura has maintained a 'buy' rating for telecoms titan Vodafone after its better-than-expected first-half report, hailing the company's accelerated investment plan and attraction to possible bidders.Alongside the interim figures, the company upped the size of Project Spring - the Verizon-funded capital expenditure (capex) injection - from £6bn to £7bn and condensed the investment period from three to two years. As such, capex will be £3bn higher by March 2016 than previously expected.Nomura explained that the additional spend will be allocated mainly to mobile networks as it looks to establish clear distance from its rivals on network quality.The broker said that this will be welcomed by long-term shareholders and AT&T - rumoured to be a potential bidder over recent months - "is also likely to approve strategy"."We sense that Vodafone's accelerated investment plan will appeal to the market's improving sentiment towards investment in telecom infrastructure. In addition, the strategic move will also appeal to potential industrial bidders looking at Vodafone approaching trough earnings. "As a result, investors are likely to forgive the indifferent operating results particularly with Vodafone trading at an inexpensive valuation."As for the results, first-half adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 4.1% year-on-year to £6.6bn but still came in 1.7% ahead of forecasts, Nomura said.A 235p target price for the stock was maintained.The stock was trading 1.13% higher at 229.93p on Tuesday afternoon.BC