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Highlights

  • Scotiabank raises TELUS target price to C$26.00 with "outperform" rating.
  • Average analyst consensus price target stands at C$23.32 with mixed ratings.
  • TELUS holds about 30% market share of Canada’s mobile phone subscribers.

Scotiabank revised its price target for TELUS (TSE:T, NYSE:TU), increasing it from C$25.00 to C$26.00, according to a research note published Monday by BayStreet.CA. The bank maintained its "outperform" rating, citing an estimated upside potential of 14.39% from the stock’s last closing price. This update reflects analysts’ expectations of improved performance despite the challenging telecommunications landscape.

Other brokerages have also updated their views on TELUS in recent months. BMO Capital Markets lifted its price objective from C$23.00 to C$24.00 while maintaining an "outperform" rating in July. Canaccord Genuity Group raised its target from C$20.25 to C$21.50 earlier in May, while National Bankshares set a C$23.00 target price and assigned a "sector perform" rating in August.

Overall, MarketBeat.com data indicates that TELUS currently carries an average "Hold" rating based on coverage from 11 analysts, with five recommending Buy and six suggesting Hold. The consensus price target of C$23.32 remains slightly below Scotiabank’s latest projection, suggesting that some analysts are cautious about the near-term operating environment for Canadian telecom operators.

TELUS remains one of Canada’s major telecommunications providers, serving approximately 9 million mobile phone subscribers — roughly 30% of the national market. In addition to wireless services, the company is the incumbent provider of internet, television, and landline phone services in British Columbia and Alberta. This diversified service mix supports its recurring revenue base, though rising capital expenditure and competitive pressures continue to weigh on its margins.

Analysts’ ratings suggest a mixed outlook, with optimism around subscriber growth and network expansion balanced against cost challenges and regulatory headwinds. Investors and market watchers may continue to monitor developments in the Canadian telecom sector, including upcoming spectrum auctions and potential shifts in pricing strategies among the Big Three carriers.