Charlie Aitken has downgraded his Telstra (TLS) recommendation to a hold

Charlie Aitken has downgraded his Telstra (TLS) recommendation to a hold. Unlike my peers who will all be upgrading TLS this morning, I will not get more bullish as a share price rises. TLS is now within 10% of my long held price target of $6.00 and on that basis it moves to a HOLD from a HIGH CONVICTION BUY. By HOLD I mean a genuine portfolio HOLD for private investors. By HOLD I mean neutral for institutional investors, with TLS more likely to be a market performer from this point rather than emulating the sharp outperformance we have seen in recent times. FY15 will see slower EPS growth from TLS, albeit with a lifted annual dividend to 30cff. I just have a view TLS will perform more like a utility in the year ahead, rather than the growth stock performance it has rightly deserved over the last two years