UPDATE: Credit Suisse Starts Telus International (TIXT) at Neutral
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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."
Shares of Telus International closed at $29.13 yesterday.
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