The German bank's analysts said in a note: "Excluding these effects, Vodafone Group continues on an improving growth path in Europe with both volume and price trends encouraging. "Whilst individual markets may move backwards near-term (eg. the UK), we view the broad trend for further top-line recovery in FY17 alongside a healthy yield, as likely to boost Vodafone's rating. "We reiterate our 'buy' rating and upgrade our target price and estimates in GBP (TP +10p to 310p).