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FINWIRES

TELUS Upgraded to Buy at TD

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-- TELUS Corp. (T.TO) was upgraded to Buy from Hold at TD Securities on Tuesday.

Analyst Vince Valentini raised his price target on shares of the Canadian telecom company to $20 from $19.

"Subsequent to recent weakness in the share price, our intention had been to wait to see Q1 results on May 8 before considering an upgrade, but we see too many positives on three fronts to wait," Valentini said in a note to clients.

"We are not changing our forecasts or target multiples today (recall that both had been lowered in our April 2 downgrade note), but we have removed the 5% risk/uncertainty discount on our 2027E-based target, owing to better pricing discipline and thus increased confidence in our forecasts," the analyst said.

"Industry pricing discipline has improved recently, and we expect positive news over the next few months on capex and non-core asset sales."

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