Vodafone is already facing pressure from Europe's largest activist fund Cevian Capital to simplify its portfolio, enhance its strategy in key markets and boost returns. "Six months on from Vodafone's commitment to actively pursue market structure opportunities, including strategic network partnerships and in-market consolidation, the lack of visible progress is a problem," Jefferies added. May 13 (Reuters) - Jefferies on Friday downgraded Vodafone Group Plc VOD.L for the first time in two years, citing the telecom group's vulnerability in tackling rising inflation and headwinds in Germany, ahead of the company's annual results next week.