TELUS Corporation (NYSE:TU) Stock Rating Upgraded by Zacks Investment Research

TELUS Corporation (NYSE:TU) (TSE:T) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $39.00 price objective on the Wireless communications provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.39% from the company’s current price.

According to Zacks, “Over the past three months, shares of TELUS inched up 4.20% beating the Zacks categorized Diversified Communication Services' industry's growth of 1.05%. Moreover, TELUS continues to benefit from increased penetration of smartphones, higher average revenue per unit, accelerating wireless data services and growing wireline fiber optic networks. The company has also consolidated its foothold in the Internet of Things (IoT) market and is focusing on its PureFibre network business. Meanwhile, TELUS will receive about one-third of Manitoba Telecom Services (MTS) postpaid subscribers and 13 MTS retail locations from BCE. On the flip side, TELUS faces fierce competition in both the wireless and wireline segments. At the wireless segment, it competes against Rogers Communications and Bell Canada and also faces threat from small regional carriers. Cable TV operators such as Shaw Communications poses threat on the wireline side.”

A number of other equities analysts have also recently issued reports on TU. CIBC upgraded shares of TELUS Corporation from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, April 5th. Canaccord Genuity restated a “buy” rating and set a $47.00 target price on shares of TELUS Corporation in a research report on Monday, May 8th. Finally, BidaskClub upgraded shares of TELUS Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.33.

TELUS Corporation (NYSE:TU) traded up 0.23% during mid-day trading on Friday, reaching $35.33. 482,932 shares of the company’s stock were exchanged. The stock has a market capitalization of $20.88 billion, a PE ratio of 21.37 and a beta of 0.89. TELUS Corporation has a 1-year low of $30.31 and a 1-year high of $35.51. The firm’s 50-day moving average is $33.88 and its 200 day moving average is $33.03.

Several institutional investors have recently bought and sold shares of the stock. Mckinley Capital Management LLC Delaware purchased a new position in TELUS Corporation during the first quarter worth $193,000. Korea Investment CORP purchased a new position in TELUS Corporation during the first quarter worth $156,000. Perkins Coie Trust Co purchased a new position in TELUS Corporation during the second quarter worth $173,000. ING Groep NV purchased a new position in TELUS Corporation during the first quarter worth $212,000. Finally, Financial Counselors Inc. raised its position in TELUS Corporation by 1.8% in the first quarter. Financial Counselors Inc. now owns 6,600 shares of the Wireless communications provider’s stock worth $214,000 after buying an additional 118 shares in the last quarter. 52.03% of the stock is owned by institutional investors and hedge funds.

TELUS Corporation Company Profile

TELUS Corporation (TELUS) is a telecommunications company. The Company provides a range of telecommunications services and products, including wireless and wireline voice and data. Its data services include Internet protocol (IP), television (TV), hosting, managed information technology and cloud-based services, and certain healthcare solutions.

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