Telus price target lowered to C$21 from C$22 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Telus (TU) to C$21 from C$22 and keeps an Equal Weight rating on the shares. The firm estimates that better-than-expected Q4 U.S. wireless net additions partially reversed in a more competitive Q1, but sees quarterly fluctuations as “still consistent with a healthy industry offering defensive earnings growth,” the analyst tells investors in a note on the group. The firm adds that it remains Underweight Rogers (RCI) and BCE (BCE) and lowered estimates and price targets across all three Canadian telcos, noting that its views are below consensus on mobile net adds for Q1 and 2025.