More Upgrades Desjardins Securities’ Jerome Dubreuil raised his target for Telus Corp. target to $32 from $30, exceeding the $31.13 average, with a “buy” rating. Others making changes include: Scotia’s Jeff Fan to $36 from $34 with a “sector outperform” rating; CIBC World Markets’ Andrew Grantham to $31 from $30 with an “outperformer” rating and National Bank’s Adam Shine to $34 from $33 with an “outperform” rating.
“T’s 3Q21 financial results were in line with expectations while subscribers exceeded the Street’s forecast,” said Mr. Dubreuil. “One of the reasons for our bullish stance on T is the greater potential for higher telecom margins vs peers. In light of the quarter, we now have more confidence in this thesis. Coupled with over 8-per-cent year-over-year organic growth and expected further recovery from the pandemic, the stock is attractive, in our view.”