** Telefonica Deutschland falls 4.6 pct afterMorgan Stanley cuts to "underweight" from "equalweight"
** Expects mobile revenue growth, as well as synergies fromM&A, to slow in 2016
** Broker's EBITDA and FCF forecasts c. 5 pct belowconsensus
** Says any merger between Vodafone and LibertyGlobal would lead to stronger opposition in the Germantelco market
** Worst day for the stock in 3 months - trades 40 pct30-day average in first 90 minutes on Friday
** Stock still well-liked on the sell-side: 11 "buy", 12"hold", 4 "sell"
(RM: alasdair.pal.thomsonreuters.com@reuters.net)