Vodafone can return to growth, but faces risks from regulation and competition, broker Goldman Sachs said.The mobile phone operator on Tuesday reported a mixed performance in the year to March, with competitive, regulatory and macroeconomic pressures sparking several write-downs in Europe, where it has more exposure following the sale of its stake in Verizon Wireless in the US.Group revenue fell 1.9% in line with consensus to £43.6bn, with organic service revenue declining 4.3%, leading to earnings before interest, tax, depreciation and amortisation (EBITDA) sliding 7.4% to £12.8bn, against consensus of £12.9bn.Vodafone is investing in new 4G networks in Europe and 3G coverage in emerging markets through its Project Spring, the results of which it said would become evident later this year.Goldman, which has a 'neutral' rating on the stock, reduced its 12-month price target to 225p from 240p.The results matched company-gathered consensus revenue but were 2% below on EBITDA, the broker said."We remain confident that rising investment can drive a return to growth from a lower base," it added.Shares in Vodafone were 10.6p or 4.9% down at 206.5p at 14:08 in London.PW