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In a report published Monday, BMO Capital Markets reiterated its Outperform rating on TELUS Corporation
TU, and slightly raised its price target from $69.00 to $70.00.
BMO Capital noted, “TELUS' Q3/12 results were largely in line with expectations, with solid performances in both wireless and wireline. The dividend was increased 10% and guidance was reaffirmed. CFO and EVP Bob McFarlane will be retiring at year end and will be replaced by John Gossling, ex-CFO of CTVglobemedia and Rogers Wireless. All in, we believe it was a solid quarter with encouraging momentum to finish 2012. In our view, the company has the best growth profile of all of the large-cap cable/telcos and is our top pick in the sector. TELUS is rated Outperform.”
TELUS Corporation closed on Friday at $64.49.
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