Investment firm National Bankshares has upgraded shares of TELUS Corporation (TSE:T) from a sector perform rating to an outperform rating, as detailed in a report issued on Wednesday. The new price target for TELUS is set at C$21.00, which marks a decrease from the previous target of C$23.00. This adjustment reflects a broader analysis of the company’s potential in the market.
Several other financial institutions have also recently revised their ratings and price targets for TELUS, indicating varied sentiments among analysts. CIBC raised its price target for TELUS from C$24.00 to C$25.00, as noted in a research note released on October 17, 2023. Similarly, Scotiabank adjusted its price target upwards from C$25.00 to C$26.00, while maintaining an “outperform” rating in a report published on September 8, 2023.
Conversely, BMO Capital Markets has lowered its price target from C$24.00 to C$23.00 as of November 10, 2023. Desjardins also reduced its price objective from C$25.00 to C$24.00, designating the stock with a “buy” rating on October 9, 2023. In a more critical stance, JPMorgan Chase & Co. downgraded TELUS from a “neutral” rating to an “underweight” rating, cutting their target price from C$22.00 to C$19.00 in a report issued on November 7, 2023.
The overall sentiment surrounding TELUS appears to be mixed. According to data from MarketBeat, seven analysts currently rate the stock as a Buy, while four have assigned a Hold rating, and one has issued a Sell rating. The consensus rating for TELUS stands at “Moderate Buy,” with an average price target of C$22.77.
Recent Financial Performance
TELUS recently reported its earnings for the third quarter on November 7, 2023. The company achieved earnings per share of C$0.32, with total revenue reaching C$5.07 billion. During this period, TELUS reported a net margin of 4.62% and a return on equity of 5.80%. Analysts have projected that TELUS will post an earnings per share of approximately 1.23 for the current fiscal year.
As one of the leading wireless service providers in Canada, TELUS boasts around 9 million mobile phone subscribers, which constitutes about 30% of the country’s total market. The company operates as the incumbent local exchange carrier in the provinces of British Columbia and Alberta, offering a range of services including internet, television, and landline phone services.
Investors and analysts alike will be watching closely to see how TELUS navigates its financial landscape amid changing market conditions. The revised ratings and price targets from various financial institutions reflect the ongoing evaluations of TELUS’s position in a competitive telecommunications industry.
