0030 GMT - The structure of Telstra's acquisition of Digicel Pacific makes for a compelling risk-to-reward ratio for the Australian telecommunications provider, Morgans says. The broker says the financial structure of the deal is smarter than it had anticipated since it effectively guarantees Telstra a six-year payback on its US$270 million investment and positions the Australian government as insurer. Morgans views the acquisition as 3.5% accretive to EPS, helping drive a 2.5% increase in its target price to A$4.55. It maintains an add rating on the stock, which is up 0.3% at A$3.82. (stuart.condie@wsj.com; @StuartLCondie)