It has been another disappointing day for shareholders of Telstra Corporation Ltd (ASX:TLS).
In morning trade on Wednesday the telco giant's shares sank to a five-year low of $3.44.
This brought its shares year-to-date decline to in excess of 32%.
Why are its shares still sinking lower?
Telstra's shares have continued to come under pressure after one leading broker suggested that even its proposed dividend cut to 22 cents per share would not be sustainable in the future.
According to a note out of Citi earlier this month, the broker believes that a dividend of only 12 cents to 15 cents per share is sustainable due to the impact that a faster than expected NBN rollout will have on its profits.
In light of this, Citi retained its sell rating and cut the price target on Telstra's shares to a lowly $3.35.
