Jefferies has retained its 'hold' rating and 179p target price for telecoms titan Vodafone (VOD) after its 87 euros-a-share offer for Kabel Deutschland (KDG) on Monday morning.The offer, comprising €84.50 per share in cash plus a payment of a €2.50 dividend, implies an KDG enterprise value (EV) of €10.7bn.While VOD has identified "credible costs synergies" - savings of €300m per annum - Jefferies says that revenue synergies (cross-selling and improved customer loyalty) is not without execution risk."Migrating existing VOD unbundled local loop (ULL) subs to cable brings a degree of churn risk as customers would be likely to need to sign a new contract and might need to accept their router being located in a different part of the house."Meanwhile, Jefferies said that VOD could still be forced to make a higher bid if Liberty Global counters with another offer.Nevertheless, the broker said: "This morning's reaction reflects understandable relief that VOD has secured KDG management approval at the €87 level. We had argued that KDG management's lucrative incentive programme was likely to favour a cash bid from VOD over an LBYTA offer that would not have provided a near-term exit and would have carried a greater anti-trust risk."