Telus downgraded to Hold from Buy at Canaccord (yesterday)

Canaccord analyst Aravinda Galappatthige yesterday afternoon downgraded Telus Corporation to Hold from Buy with a price target of C$21.50, down from C$23. The company’s Q2 report is a “net negative” due to notably soft wireless metrics and a lowered free cash flow guide, although profitability was in line assisted by strong margins, the analyst tells investors in a research note. The firm sees some near-term pressure for the stock due to Telus’ “sector high exposure” to wireless and competitive conditions in wireline in the West.