National Bankshares has elevated its rating for TELUS (TSE:T) from a sector perform to an outperform rating, as detailed in a report released on Wednesday. The firm has set a new price target of C$21.00 for TELUS shares, a decrease from the previous target of C$23.00. This adjustment reflects ongoing evaluation within the telecommunications sector.
Several other financial institutions have also recently reassessed their positions on TELUS. CIBC raised its price objective from C$24.00 to C$25.00 in a note dated October 17, 2023. Scotiabank followed suit, increasing its target from C$25.00 to C$26.00 and designating the stock as “outperform” on September 8, 2023. Conversely, BMO Capital Markets reduced its target from C$24.00 to C$23.00 in a report issued on November 10, 2023, while Desjardins lowered its price objective from C$25.00 to C$24.00, maintaining a “buy” rating on October 9, 2023. Additionally, JPMorgan Chase & Co. downgraded TELUS from a “neutral” rating to an “underweight” rating, cutting its price target from C$22.00 to C$19.00 in a report released on Tuesday.
Currently, TELUS enjoys a mixed reception among analysts, with seven recommending a Buy rating, four advising Hold, and one issuing a Sell rating. According to data from MarketBeat, the consensus rating is “Moderate Buy,” with a consensus price target of C$22.77.
Recent Earnings Report and Financial Performance
TELUS released its latest earnings results on November 7, 2023. The company reported earnings per share of C$0.32 for the quarter, with revenues reaching C$5.07 billion. TELUS demonstrated a net margin of 4.62% and a return on equity of 5.80%. Analysts project that TELUS will achieve an earnings per share of approximately 1.23 for the current fiscal year.
Known as one of Canada’s major wireless service providers, TELUS boasts approximately 9 million mobile subscribers, accounting for about 30% of the national market. The company is also the incumbent local exchange carrier in British Columbia and Alberta, offering a range of services including internet, television, and landline phone options.
As the market continues to evolve, investors are keeping a close eye on TELUS and its ability to navigate these changes effectively. For those interested in staying updated, MarketBeat offers a daily summary of the latest news and analyst ratings for TELUS and related companies through its email newsletter.
With ongoing adjustments in financial ratings and market performance, TELUS remains a key player in the telecommunications industry, influencing both regional and national markets.
