Telstra Group (ASX:TLS) offers investors a relatively defensive earnings profile in an uncertain macroeconomic environment, supported by stable infrastructure and mobile operations, according to a Thursday note by Jarden Research.

Jarden noted that movements in mobile service revenue have historically been influenced more by competition and COVID-related impacts than broader economic factors.

However, recent developments, including net migration trends and competitive pricing, are expected to shape the outlook.

Jarden acknowledged some headwinds, including cost-of-living pressures prompting a shift from postpaid to prepaid services and slowing population growth, but said it expects industry competition to remain "robust but rational."

The firm maintained Telstra's overweight rating but raised its price target to AU$4.45 from AU$4.30.

Telstra's shares rose past 1% in recent Friday trade.