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Investing.com - National Bank Financial upgraded TELUS Corp. (TSX:T) (NYSE:TU) from Sector Perform to Outperform on Wednesday, while lowering its price target to C$21.00 from C$23.00. The upgrade comes at a time when InvestingPro data shows TELUS trading near its 52-week low with an attractive 8.82% dividend yield, suggesting potential undervaluation.
The rating change comes after TELUS stock experienced significant price movements throughout 2024 and early 2025. National Bank Financial had previously downgraded the telecom company to Sector Perform on December 12, 2024, when shares traded just below C$21. According to InvestingPro, TELUS has maintained dividend payments for 27 consecutive years, with a 4.39% dividend growth over the last twelve months.
TELUS shares ended 2024 near C$19.50 before experiencing their biggest move of 2025 in the lead-up to fourth-quarter 2024 earnings in mid-February. The stock continued gaining momentum for three to four weeks afterward as investors responded positively to new disclosure about the company’s plans to reduce leverage to 3.0x by 2027 from 3.9x in 2024. This leverage reduction plan is particularly significant given TELUS’s current debt-to-equity ratio of 1.89.
The stock reached its 52-week high of C$23.29 on March 10, 2025. With shares trading below C$22 on February 20, National Bank Financial published a note questioning whether the stock was overvalued, suggesting it was ahead of itself by at least 9% when compared to competitors BCE and Rogers. Currently, InvestingPro analysis indicates TELUS is trading below its Fair Value, with analyst price targets ranging from $14 to $22 USD. For investors seeking deeper insights, TELUS is one of 1,400+ companies covered by comprehensive Pro Research Reports that transform complex Wall Street data into actionable intelligence.
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