UPDATE 4-Vodafone doubles cost cut target to 2 bln stg

* H1 revenues, EBITDA in line with forecasts

* Increases cost cuts to extra 1 bln stg by 2012

* Confirms guidance. FCF to be at upper end

* H1 free cash flow up 29 pct, beat forecasts

* Shares down 1.7 pct, hit by fall in earnings margin

(Adds quotes, details, analyst comment, updates shares)

By Kate Holton

LONDON, Nov 10 (Reuters) - Vodafone (VOD.L), the world's largest cellphone operator by revenue, has doubled its cost cutting target to 2 billion pounds ($3.33 billion) by 2012 to counter fierce competition in India and Europe.

Vodafone reported first-half revenue and profits in line with forecasts and repeated its earnings guidance for the year, but analysts said the decision to raise the savings target by a billion pounds reflected weak underlying trading.