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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 after TELUS stock experienced significant price movements throughout 2024 and early 2025. National Bank Financial had previously downgraded the stock to Sector Perform on December 12, 2024, when shares traded just below C$21.
TELUS ended 2024 near C$19.50 before experiencing its largest move of 2025 in the lead-up to its fourth-quarter 2024 earnings report in mid-February. The stock continued to climb for 3-4 weeks afterward as investors responded positively to the company’s new disclosure about reducing leverage to 3.0x by 2027 from 3.9x in 2024.
The telecommunications company’s shares reached a 52-week high of C$23.29 on March 10, 2025. With the stock trading below C$22 on February 20, National Bank Financial published a note questioning whether the stock was overvalued by at least 9%, considering the valuation gap compared to competitors BCE and Rogers.
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