Telstra (TLS.AU) initiated at Sell by Commonwealth Bank...

Telstra (TLS.AU) initiated at Sell by Commonwealth Bank Institutional Equities. Price target A$2.70. Says Telstra faces multiple challenges and uncertainties including accelerating fixed line PSTN revenue declines, risks to margins arising from its recently announced aggressive share win-back strategy, safety of the 28 cent dividend, content, timing and potential finalisation of the A$11 billion NBN deal, the ultimate impact on market share and margins from moving to an NBN-world, and the potential for another federal election to result in the NBN being abolished. "Given these concerns, we believe investors should look to alternative, less risky high yielding investment opportunities," says broker.