LONDON-JP Morgan reduced its rating on Vodafone Group plc from “overweight” to “underweight” noting the company’s stock is overvalued among its peer group and it expects Vodafone to begin

reporting reduced margins and lower market share. “We believe growing competition and upcoming termination rate cuts will cause downside risk to our estimates and consensus,” the

investment-banking firm said in a report. “Investors are not compensated enough for these risks, in our view.”