BofA Merrill Lynch has upgraded Telstra from Underperform to Buy, contrary to most other brokers which rate the stock as Neutral or Underweight with a price target below the current price. BofA Merrill Lynch upgraded earnings for the next two years by 7% and 11% respectively and believes that its mobile business will continue to grow, increasing earnings by $1 billion. Consequently, it has a positive medium outlook on the company and has pinned a dividend increase to 30c in FY14, the first rise in 8 years.
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