TELUS Corp. (T.TO, TU) was downgraded to hold from buy at Desjardins on Wednesday.

Analyst Jerome Dubreuil lowered the price target to C$13.50 from C$19 a share for the telecom company.

"We acknowledge that we are not early to this trade" Dubreuil said in a note to clients. "However, the scale of the guidance reset means T's valuation premium to peers has barely moved despite the 11% share price decline on July 31."

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