Telus International downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Tien-tsin Huang downgraded Telus International (TIXT) to Neutral from Overweight with a price target of $24, down from $30. The analyst believes Street estimates may not have fully baked in the macro risks to next year’s growth. Telus generates two-third of revenue from the technology and fintech verticals, which could further deteriorate into next year, Huang tells investors in a research note. He sees higher relative upside in TaskUs (TASK) shares, which he notes trades at similar multiple as Telus but offers higher medium term growth.