Telus International (TIXT) PT Raised to $10 at Citi

Citi analyst Ryan E Potter raised the price target on Telus International (NYSE: TIXT) to $10.00 (from $9.00) while maintaining a Neutral rating.

The analyst comments "TELUS International reported relatively in-line results that showed a return to sequential and organic top-line growth. The majority of performance was driven by its two largest clients (slightly offset by continued declines in its large social media client) – client concentration risks remain an area to monitor. Margin and cash flow performance was solid in the quarter and is expected to continue into 2024 despite some incremental growth investments. The change in reporting for adjusted metrics does add some unnecessary noise, though, and was a bit perplexing as it reduces comparability vs. peers at a time when a cleaner story/comparison would do better to bring in incremental investor interest. The 2024 outlook does assume some demand recovery in 2H24, so we believe the lower end of the ranges are more appropriate to assume as the company proves out consistent execution in the coming quarters. Maintain Neutral."

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