The telco giant's shares dropped 1.5% to $3.12.
Despite this, the Telstra share price is still up 16% since the start of the month.
Why is the Telstra share price surging higher in November?
Investors have been fighting to get hold of Telstra's shares this month following the release of a big announcement at its investor day event.
At the event, the company announced a proposed restructuring which would create three separate legal entities.
Telstra's CEO, Andrew Penn, believes the restructure will allow the company to take advantage of potential monetisation opportunities for its infrastructure assets which could create additional value for shareholders.
The restructure will see Telstra split up into InfraCo Fixed, InfraCo Towers, and ServeCo.
InfraCo Fixed would own and operate Telstra's passive or physical infrastructure assets. These are the ducts, fibre, data centres, subsea cables, and exchanges that support its fixed telecommunications network.
The InfraCo Towers business would own and operate Telstra's passive or physical mobile tower assets. Though, Telstra intends to monetise these assets over time given the strong demand and compelling valuations for this type of high-quality infrastructure.
Finally, ServeCo, which is the core business, would continue to focus on creating innovative products and services, supporting customers and delivering the best possible customer experience. It would also own the active parts of its network.
This includes the radio access network and spectrum assets, to ensure that Telstra continues to maintain its industry leading mobile coverage and network superiority.
Can the Telstra share price go higher?
One leading broker that still sees meaningful upside for the Telstra share price is Goldman Sachs.
It reiterated its buy rating and $3.75 price target on the company's shares following the announcement of the aforementioned plan.
This price target implies potential upside of over 25% including dividends over the next 12 months.
Commenting on plans, Goldman said: "We believe the update from Telstra will be viewed positively, given: (1) it reflects a greater willingness to monetize its attractive infrastructure assets to create shareholder value; and (2) underlying earnings trends, particularly in mobile, which looks to be trending favorably, supporting the improved FY23 ROIC target."
"This supports our positive view on Telstra, which continues to be predicated on: (1) A positive mobile inflection approaching, which typically drives outperformance; (2) The 16cps dividend is a sustainable, and could be supplemented by meaningful TowerCo proceeds; and (3) Significant Infrastructure value, which could be crystallized over time as we head towards NBN privatization," it concluded.