RBC Capital Markets raised its price target on TELUS Corp. (T.TO, TU) to $26 from $25.

Analyst Drew McReynolds maintained an Outperform rating on shares of the Canadian telecom company.

"Following a solid Q3/24 in a challenging operating environment, our price target increases," McReynolds said in a note to clients.

"Despite the more challenging operating environment, we expect TELUS to deliver industry-leading underlying growth and capital returns," the analyst said.

"The TELUS playbook comes out on top in a quarter of differentiated performance across the sector," McReynolds said.

"We continue to believe the Canadian telecom industry has entered a lower revenue growth phase (competition, maturity, substitution and regulation)."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)