** Telecom co Vodafone shares down 2 pct as Citidowngrades to "neutral" from "buy", raises target price to 245pfrom 240p
** Analysts say if political and economic risk shifts moreto Eurozone (55 pct of EBITDA) from the UK (11 pct), co may beseen as less of a safe haven
** Citi points to ongoing political risk on the continent,most imminently from October referendum in Italy on senatereform
** Brokerage sees no significant positive catalyst foranother two quarters following positive May results; adds fiscalH2 2017 more likely than H1 to see a return of positive momentum
** Cuts FY 2017 like-for-like EBITDA forecast by 1 pct to15.5 bln euros
** Up to Monday's close, stock had risen 5.6 pct vs 5 pctfall in the STOXX Europe 600 Telecommunications EUR Price index since the close on June 23 (RM:sanjeeban.sarkar.thomsonreuters.com@reuters.net)