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Citi has reiterated its 'sell' rating on BT Group PLC (LSE:BT.A) and trimmed its price target to 165p from 175p, pointing to long-term downside from the telecoms group's pension scheme. The reduction is driven less by trading than by the Pensions Regulator's Low Dependency Funding Basis, a framework requiring schemes to reach a position where they no longer depend on the sponsoring employer for support.