0309 GMT - Telstra loses its bull at Macquarie despite the prospect of further cost-saving measures at the Australian telecommunications provider. An analyst note from the investment bank highlights the company's strong cost performance and identification of more ways to save money. The latter should account for the majority of the returns from a A$700 million investment by Telstra in its artificial-intelligence partnership with Accenture, the note adds. Even so, Macquarie downgrades its recommendation on the stock to neutral from outperform, citing valuation. The target price falls 8.6% to A$3.93. Shares are up 0.6% at A$4.175. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 23, 2025 22:09 ET (03:09 GMT)
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