Q3 Financial Performance: TELUS reported a Q3 Non-GAAP EPS of C$0.24, missing expectations by C$0.03, with revenue of C$5.11 billion, which is a 0.2% year-over-year increase but fell short by C$90 million.
2025 Targets Update: The company anticipates that its 2025 targets for TTech Operating Revenue growth will be at the lower end of the original range, while targets for TTech Adjusted EBITDA, Consolidated Capital Expenditures, and Free Cash Flow remain unchanged.
Privatization Impact: Following the privatization of TELUS Digital, the previously issued 2025 guidance for TELUS Digital is no longer relevant and will not be updated.
Growth Projections: The original growth projections for TTech Operating revenues are now expected to be between 2% to 4%, while TTech Adjusted EBITDA growth remains at 3% to 5%, with consolidated free cash flow and capital expenditures both unchanged at approximately C$2.15 billion and C$2.5 billion, respectively.
Wall Street analysts forecast TU stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TU is 14.96 USD with a low forecast of 13.71 USD and a high forecast of 18.04 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
Wall Street analysts forecast TU stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TU is 14.96 USD with a low forecast of 13.71 USD and a high forecast of 18.04 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
4 Hold
2 Sell
Hold
Current: 13.620
Low
13.71
Averages
14.96
High
18.04
Current: 13.620
Low
13.71
Averages
14.96
High
18.04
National Bank
Sector Perform -> Outperform
upgrade
$21
2025-11-18
Reason
National Bank
Price Target
$21
AI Analysis
2025-11-18
upgrade
Sector Perform -> Outperform
Reason
National Bank upgraded Telus to Outperform from Sector Perform with a C$21 price target.
JPMorgan
Neutral -> Underweight
downgrade
$22 -> $19
2025-11-18
Reason
JPMorgan
Price Target
$22 -> $19
2025-11-18
downgrade
Neutral -> Underweight
Reason
JPMorgan downgraded Telus to Underweight from Neutral with a price target of C$19, down from C$22. The company's dividend growth looks unsustainable, the analyst tells investors in a research note. The firm cites capital allocation questions and Telus' elevated payout ratio for the downgrade.
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Veritas
Reduce -> Sell
downgrade
$19
2025-11-11
Reason
Veritas
Price Target
$19
2025-11-11
downgrade
Reduce -> Sell
Reason
Veritas downgraded Telus to Sell from Reduce with a C$19 price target.
Barclays
Equal Weight
downgrade
$15 -> $14
2025-11-10
Reason
Barclays
Price Target
$15 -> $14
2025-11-10
downgrade
Equal Weight
Reason
Barclays lowered the firm's price target on Telus to $14 from $15 and keeps an Equal Weight rating on the shares following the Q3 report.
About TU
TELUS Corporation is a communications technology company serving customers through its suite of broadband services for consumers, businesses and the public sector. Its segments include TELUS technology solutions, TELUS digital experience and TELUS health. The TELUS technology solutions segment includes mobile technologies; data (which include Internet protocol; television; hosting, cloud-based services; and home and business security and automation); agriculture and consumer goods services (software, data management and data analytics-driven smart-food chain and consumer goods technologies); voice and other telecommunications services ; and equipment sales. The TELUS health segment includes healthcare services, software and technology solutions. The TELUS digital experience segment consists of digital customer experience and digital-enablement transformation solutions, including artificial intelligence and content management.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
