Merrill Lynch has upgraded Telstra from an ‘underperform’ to ‘neutral’ position with a target price of $3.35, 30c higher than the previous target price. The upgrade stems from an estimate that Telstra’s costs will decline in 2012-13 and 2013-14, which increases earning by one per cent.
Also, Telstra recently announced an unscheduled investor day on April 19, when analysts expect management to provide some details on a potential share buy-back. Merrill analyst Sameer Chopra expects to see a buy-back of between $1 billion and $1.5 billion, more information on what happens to its NBN deal if the federal government changes and an update on business activity. |
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