** Fears over Vodafone's uncovered dividendfollowing sale of Verizon stake could create buying opportunity.
** Shares down 19 pct since completion of sale, with loss ofearnings leading to an uncovered dividend.
** Market too focused on loss of earnings says NikStanojevic, analyst at Brewin Dolphin, a wealth manager witharound 25 billion pounds of client assets.
** "Vodafone has the capacity to fund the dividend withoutcuts, and if it covers the dividend and returns from negativegrowth in Europe it looks cheap," he said.
** Analysts forecast EPS of 5.94p for the full year endingMarch 2015, down from 17.40p reported in March this year.
** Figure well short of projected 2015 dividend of 11.21p.
** Now trades on a P/E of 30, nearly treble its multiplebefore the sale was announced. Chart: http://link.reuters.com/faj92w
** Reported revenue fall of 7.9 pct in Europe in July.
** Upside from proposed IPO of its Indian arm alsounderstated, Stanojevic adds. (RM: alasdair.pal.thomsonreuters.com@reuters.net)