Telus International initiated with a Buy at Stifel

Stifel initiated coverage of Telus International (TIXT) with a Buy rating and $5 price target With IT spending intentions into 2025 appearing more constructive, the firm is expanding its Canada IT services coverage universe to include notable Canadian stocks across key segments of the IT value chain that it believes will be beneficiaries, including Telus International. After having surveyed 50 Canadian C-level/senior executives responsible for about $5B in annual IT spending across several industries, the firm reports that 30% of companies surveyed say they plan to accelerate IT spending into 2024 year-end and greater than 75% of companies expect to increase/sustain spend with IT services vendors.