Telus International downgraded to Sector Perform at National Bank

National Bank analyst Richard Tse downgraded Telus International to Sector Perform from Outperform with a price target of $17, down from $32. The company released negative preliminary results for fiscal Q2 that came in well below expectations and revised down its 2023 guidance, the analyst tells investors in a research note. The firm says the magnitude of the miss was surprising considering management appeared to have reasonable visibility into its outlook. National Bank is “reluctantly moving to the sidelines” following comments around intense pricing pressures.