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From The Australian today.
http://www.theaustralian.com.au/business/companies/telstra-tipped-to-return-to-growth/story-fn91v9q3-1226445850365

The NBN corporate plan is the key catalyst. Given the recent evidence, we are now concerned that our assumption of a two-year delay to the rollout may not be conservative enough,” Nomura analyst Daniel Blair wrote in a note to clients this week.

“We caution that whilst Telstra is exposed to rollout delays, we believe these delays impacts largely relate to the disconnection payments rather than the entire $11bn deal.”

The drop in Telstra’s share price also coincides with a downgrade by analyst firm UBS which today dropped its recommendation from "buy" to "neutral" after the telco hit the firm’s $4 valuation.