TELUS (T.TO) was downgraded to Underperform from Buy at Bank of America Securities on Tuesday.
The price objective was cut to C$13 from C$22 on a "materially lower" free cash flow outlook for 2028, the firm said in a note.
"Our bull thesis of strong FCF growth and execution on monetizations has not played out, resulting in our changed view," BofA Securities said.
Price: $13.09, Change: $-0.29, Percent Change: -2.17%