Telus downgraded to Hold from Buy at Canaccord

Canaccord downgraded Telus (TU) to Hold from Buy with a price target of C$17.50, down from C$21, ahead of the Q1 report. The firm believes the “ongoing discounting battles” in wireless and renewed evidence of low population growth in Canada will likely impact the company’s volumes. Canaccord sees the prospect of an “even flatter financial trajectory than expected for Telus. It also sees low visibility on the timing of the company’s asset divestitures.