 Vodafone Group PLC LSE:VOD is in a tight spot, said Jefferies as it downgraded its recommendation on the telecoms group ahead of its results next week and after reports emerged that merger talks have been revived with UK mobile rival Three. At results next Tuesday, management will be issuing guidance against a challenging backdrop, the broker said, with no competitive let-up and a high profile attempt to lead industry price indexation not getting far. 