Telus International (TIXT) PT Lowered to $9.50 at BMO Capital

BMO Capital analyst Keith Bachman lowered the price target on Telus International (NYSE: TIXT) to $9.50 (from $10.50) while maintaining a Market Perform rating.

The analyst commented, "We believe that the demand environment for IT services remains weak particularly for discretionary spend. Moreover, given interest rate uncertainty globally and elevated inflation, we believe there is incremental uncertainty for when/if the discretionary services demand environment improves. Net, we think IT services remains a tough neighborhood at current juncture including for Telus International. We are making seasonal adjustments to our revenue growth estimates for TIXT though no meaningful changes to full-year numbers. We are lowering our target price from $10.50 to $9.50 and remain Market Perform."

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