** BT Group falls 2.7 pct as Morgan Stanleydowngrades to "underweight" from "equalweight", top faller onFTSE 100.
** MS cites intensifying competition in broadband market anddeepening pension liabilities as reason for downgrade.
** Also suggests BT may bid aggressively for better PremierLeague coverage, suggesting it may pay c.£1bn/pa rather thancurrent figure of £246m - a 25 pct downgrade to 2017E freecashflow say MS.
** MS becomes fourth bank to rate a "sell", six "hold",fifteen "buy".
** BT dividend yield of 3.7 pct compares poorly to Vodafone on 5.9 pct (although uncovered for next two years).
Chart: http://link.reuters.com/seh33w
** Wealth manager Brewin Dolphin says Vodafone could be apotential bargain if it covers its dividend.
(RM: alasdair.pal.thomsonreuters.com@reuters.net)