Telus: Strategic Moves and Financial Outlook Support Buy Rating Amid Stock Sell-OffIn light of the 15% sell-off in the stock on a QTD basis, against +3% for the group and today’s issuance of FCF objectives through to 2028, we have opted to upgrade TELUS to BUY, from HOLD. While the weight of empirical evidence around large cap companies crossing the 9% dividend yield mark points to an eventual dividend cut, we see TELUS as potentially bucking that trend and maintaining its distribution. Furthermore, as more of its balance sheet de-levering initiatives play out (including within 2026), we suspect that concerns around the dividend could taper off, driving a recovery.