TELUS Shares Upgraded by National Bankshares Amid Price Target Changes
National Bankshares has upgraded shares of TELUS (TSE:T, NYSE:TU) from a previous rating of “sector perform” to “outperform,” according to a report released on Wednesday. The firm has set a new price target of C$21.00 for the stock, which is a decrease from their earlier target of C$23.00. This adjustment reflects ongoing evaluations of TELUS’s market performance.
Several other financial institutions have also reassessed their positions on TELUS. CIBC raised its price target from C$24.00 to C$25.00 in a report dated October 17, 2023. Meanwhile, Scotiabank increased its price target from C$25.00 to C$26.00 and reaffirmed an “outperform” rating on September 8, 2023. In contrast, BMO Capital Markets revised its target down from C$24.00 to C$23.00 on November 10, 2023, while Desjardins lowered their target from C$25.00 to C$24.00, maintaining a “buy” rating on October 9, 2023. Additionally, JPMorgan Chase & Co. downgraded TELUS from “neutral” to “underweight,” cutting their target price from C$22.00 to C$19.00 on Tuesday.
Overall, analysts have mixed perspectives on TELUS, with seven rating the stock as a “Buy,” four assigning a “Hold” rating, and one issuing a “Sell” recommendation. According to data from MarketBeat, TELUS has a consensus rating of “Moderate Buy” and an average price target of C$22.77.
Recent Financial Performance
TELUS most recently reported its earnings on November 7, 2023, revealing an earnings per share (EPS) of C$0.32 for the quarter. The company’s revenue reached C$5.07 billion, with a net margin of 4.62% and a return on equity of 5.80%. Analysts project that TELUS will achieve an EPS of approximately 1.23 for the current fiscal year.
Company Overview
TELUS is recognized as one of the largest wireless service providers in Canada, serving around 9 million mobile subscribers, which represents about 30% of the national market. The company operates primarily in the western provinces of British Columbia and Alberta, where it offers a range of services including internet, television, and landline phone connections.
Investors and market watchers will continue to monitor TELUS as it navigates these changes and strives to enhance its market position amid shifting analyst sentiments.
