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RBC Capital Markets Maintains TELUS's Rating, Price Target On Strong Demand Outlook

MT Newswires ·  {{timeTz}}

09:43 AM EDT, 06/22/2022 (MT Newswires) -- RBC Capital Markets said Tuesday that it maintained TELUS International (Cda) Inc. (TIXT.TO)'s outperform rating and US$39.00 price target after attending meetings with management that highlighted the company's strong demand outlook despite the economic crosscurrents.

Amid the challenging macroenvironment, RBC said Telus is favorably positioned due to the tendency of clients in financial strain to trim their own internal labor costs and cut exposure to underperforming third party, which tends to result in incremental workloads for the company.

Management said the bigger issue revolves around the supply side and issues on having enough talent to deliver on the client's needs. Beyond this obstacle, RBC said the drivers of demand have been consistent, with companies leveraging technology and automation to drive increased productivity, as well as an amplified need for virtualization providers.

RBC said Telus largely captured inflation in foreign exchange and wages in its current guidance.

The company also noted that M&A activitiy remains topical, but RBC said private market values have yet to capitulate relative to public market values.

Price: 29.69, Change: -0.30, Percent Change: -1.00

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