UPDATE: Credit Suisse Starts Telus International (TIXT) at Neutral

(Updated - March 1, 2021 5:01 AM EST)

Credit Suisse analyst Matthew Cabral initiates coverage on Telus International (NYSE: TIXT) with a Neutral rating and a price target of $33.00.

The analyst comments "We believe TI’s track record of organic growth, high-quality M&A, and strong execution support a ~15% revenue CAGR thru CY23, along with tailwinds to industry-leading margins from a greater mix of high-value digital services ahead. At the same time, a desire to expand go-to-market (GTM) capabilities and diversify its customer mix (top 10 currently 64% of pro forma sales) likely requires investments in SG&A as it looks to build out a more robust GTM engine. At 14x our CY22E adj. EBITDA, we think current valuation largely reflects TI’s growth prospects and path forward."

For an analyst ratings summary and ratings history on Telus International click here. For more ratings news on Telus International click here.

Shares of Telus International closed at $29.13 yesterday.

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