MARKET TALK: ING Downgrades Vodafone To Hold From Buy

0611 GMT [Dow Jones] ING downgrades Vodafone Group (VOD.LN) to hold from buy and cuts target price to 155p from 165p. "We do not expect the upcoming trading statement [due July 23] to be weak but have concerns about operational performance in Italy and Spain," says ING. It reckons that at current levels, Vodafone needs to deliver on its plans for value realization through some portfolio changes, but ING does not believe anything is imminent. "We are concerned about negative newsflow around developments in India, taxation, and spectrum. Lastly, we note that earnings momentum will not be helped by the weakness of the euro," adds ING. Shares closed Monday at 145p. (ishaq.siddiqi@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 20, 2010 02:11 ET (06:11 GMT)