National Bankshares has upgraded the shares of TELUS (TSE:T) from a sector perform rating to an outperform rating, according to a report released on Wednesday. The investment firm set a new price target of C$21.00 for the stock, a decrease from their previous target of C$23.00. This upgrade comes amid varying ratings from other analysts, highlighting a mixed outlook for the telecommunications giant.
Several organizations have recently provided insights into TELUS’s stock performance. CIBC raised its price target from C$24.00 to C$25.00 in a note dated October 17, 2023. Similarly, Scotiabank increased its target on September 8, 2023, from C$25.00 to C$26.00, affirming an “outperform” rating for the stock. In contrast, BMO Capital Markets revised its target downward from C$24.00 to C$23.00 on November 10, 2023. Desjardins also lowered its price objective from C$25.00 to C$24.00, maintaining a buy rating as of October 9, 2023. Meanwhile, JPMorgan Chase & Co. downgraded TELUS from a “neutral” to an “underweight” rating, reducing its target price from C$22.00 to C$19.00.
Overall, the consensus among analysts is relatively favourable, with seven rating the stock as a Buy, four giving it a Hold rating, and one assigning a Sell rating. According to data from MarketBeat, TELUS currently holds a consensus rating of “Moderate Buy” and 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 disclosed earnings per share of C$0.32, with total revenue reaching C$5.07 billion. TELUS recorded a net margin of 4.62% and a return on equity of 5.80%. Analysts predict that TELUS will achieve an earnings per share of approximately C$1.23 for the current fiscal year.
As a major player in the telecommunications sector, TELUS is one of Canada’s Big Three wireless service providers. The company boasts around 9 million mobile phone subscribers, accounting for approximately 30% of the national market. TELUS operates as the incumbent local exchange carrier in British Columbia and Alberta, offering a range of services including internet, television, and landline phone connections.
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