TELUS (T.TO) was downgraded to Underperform from Buy at Bank of America Securities on Tuesday.

The price objective was cut to C$13 from C$22 on a "materially lower" free cash flow outlook for 2028, the firm said in a note.

"Our bull thesis of strong FCF growth and execution on monetizations has not played out, resulting in our changed view," BofA Securities said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 13.09, Change: -0.29, Percent Change: -2.17