The Globe and Mail reports in its Thursday edition that RBC's Drew McReynolds says fundamentals for Canada's telecommunications industry are "generally underwhelming" as first quarter earnings season approaches. The Globe's David Leeder writes that Mr. McReynolds continues to rate Telus "outperform." Mr. McReynolds cut his share target to $24 from $25. Analysts on average target the shares at $22.12. Mr. McReynolds says in a note: "With Telus outperforming large cap peers in 2024 and year-to-date in 2025, the company's premium valuation remains notable suggesting that valuation risk has risen on the stock, particularly in the low revenue growth environment. While given this premium valuation we see limited potential for multiple expansion in 2025, we believe Telus as the structural leader within the group can maintain a premium valuation provided that certain boxes are ticked through 2025–2027, including: (i) sustaining 3 to 4 per cent or higher adjusted EBITDA growth for TTech systematically realizing cost efficiencies; (ii) continuing to make progress toward management's 10-per-cent consolidated capex intensity objective; and (iii) reducing leverage to the low-three-times range while pausing on major M&A."