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National Bank trims target on Telus

T stock

He thinks the company will soon raise its dividend, but National Bank Financial analyst Adam Shine isn’t all in on Telus (Telus Stock Quote, Chart, News, Analysts, Financials TSX:T).

As reported by the Globe and Mail, Shine March 25 maintained his “Outperform” rating on Telus but cut his price target on the stock from $27.00 to $26.00.

The analyst said the company is facing headwinds.

“Growth steps down as M&A has been lapped, renewed traction out of verticalization strategy only comes post-1H, and Telus contends with greater competitive intensity in wireline and wireless after Rogers bought Shaw and Quebecor acquired Freedom on 4/3/23,” he wrote. “Restructuring savings of over $325-million were to be achieved exiting 1Q24 with ongoing efforts to extract M&A synergies.”

The analyst thinks Telus will post Adjusted EBITDA of $1.82-billion on revenue of $4.94-billion in its upcoming Q1, 2024 results, due in May.

At press time, shares of Telus were down 2.0% to $21.315.

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