0246 GMT - Telstra's aspirations for its nascent health and energy ventures are probably conservative, Jefferies says. The investment bank thinks there is upside to Telstra's prediction for a minimal combined contribution to FY 2025 Ebitda, provided it executes its plans well. Jefferies is most confident about Telstra's move into energy retailing and thinks it can be more successful than energy providers AGL and Origin have been at selling telco products. By contrast, health doesn't have an obvious synergy with Telstra's core offering, it says. Jefferies maintains a buy rating and A$4.66 target price on the stock, which is 0.4% higher at A$3.965. (stuart.condie@wsj.com; @StuartLCondie)