Telus Stock Hits 52-Week Low After JPMorgan Downgrade – What November 18, 2025 Means for Investors

Telus Corporation (TSX: T, NYSE: TU) had a rough session on Tuesday, November 18, 2025, as its shares slid to a new 52‑week low on the Toronto Stock Exchange following a high‑profile downgrade from JPMorgan. At the same time, the company is touting major wins in artificial intelligence infrastructure and streaming-TV expansion, all while offering one of the richest dividends on the TSX. ^[1]

This article pulls together all the key Telus news dated November 18, 2025 and explains what it may mean for shareholders and potential buyers.

Quick Take: Telus on 18 November 2025

TSX listing (T): Telus traded down to a new 52‑week low around C$19.10–19.12, roughly 4.7% lower than Monday’s close of C$20.06, on heavy volume. ^[2]
NYSE listing (TU): In U.S. trading, Telus changed hands around US$13.6, down about 4–5% intraday. ^[3]
Big catalyst:JPMorgan downgraded Telus from “Neutral” to “Underweight” and cut its price target from C$22 to C$19, citing concerns that Telus’ ambitious dividend growth may no longer be sustainable. ^[4]
New 52‑week low: MarketBeat flagged Telus as setting a fresh 1‑year low, even as the consensus TSX‑side rating remains a “Moderate Buy” with an average target near C$23.23. ^[5]
Dividend yield: After today’s drop, Telus’ new quarterly dividend of C$0.4184 per share implies a forward yield close to 8.5–9% on the TSX – unusually high for a large Canadian telecom. ^[6]
Growth story: Telus is simultaneously promoting its Sovereign AI Factory, now recognized as Canada’s fastest and most powerful supercomputer, and expanding TELUS TV+ onto Samsung and LG smart TVs and Amazon Fire TV, highlighting its bets on AI and streaming. ^[7]

So, is this the start of a deeper slide or an opportunity for long‑term investors? Let’s unpack today’s news.

Telus Stock Price Today: Pressure on Both Sides of the Border

TSX: T drops to a fresh low

On the Toronto Stock Exchange, Telus (T) traded in a range of roughly C$19.05 to C$19.86 and closed around C$19.12, marking a single‑day decline of about 4.7% and a new 52‑week low. Daily volume was close to 9.7 million shares, higher than normal, underscoring how actively investors reacted to the downgrade. ^[8]

MarketBeat’s intraday alert noted that Telus changed hands as low as C$19.10 and last traded near C$19.23 during mid‑day trading, down from the prior close of C$20.06. ^[9]

NYSE: TU mirrors the Canadian sell‑off

On the NYSE, Telus’ U.S. listing TU followed suit. By the afternoon, MarketBeat and real‑time feeds showed TU trading around US$13.6, down roughly 4–5% on the day, after opening above US$14.10 and touching intraday lows in the US$13.5 area. ^[10]

Part of a broader TSX risk‑off mood

The selling didn’t happen in a vacuum. A Reuters market update noted that the S&P/TSX Composite was down about 0.25% in early trading as investors positioned cautiously ahead of key U.S. economic data and Nvidia earnings. Telus stood out as a major decliner, with the article explicitly highlighting that Telus shares fell 3.6% after the JPMorgan downgrade early in the session. ^[11]

The JPMorgan Downgrade: From Dividend Darling to “Underweight”

The biggest new headline for Telus on November 18, 2025 is JPMorgan’s call.

What JPMorgan changed

Several outlets – including Investing.com, Yahoo Finance and GuruFocus – reported that JPMorgan analyst Sebastiano Petti cut Telus from “Neutral” to “Underweight” and lowered his 12‑month price target from C$22 to C$19. ^[12]

That new target is roughly in line with where the stock actually ended the day, suggesting that JPMorgan now sees limited upside from current levels on the TSX.

Why: dividend sustainability under scrutiny

The downgrade is explicitly linked to concerns about dividend sustainability:

Yahoo Finance and Investing.com both emphasize that JPMorgan is worried Telus’ dividend growth “appears unsustainable”, given the company’s leverage and payout profile. ^[13]
GuruFocus’ summary notes that the downgrade and target cut were effective today and frames the move as rooted in dividend‑related risks. ^[14]

In other words, the very thing that attracts many investors to Telus – its long record of rising payouts – is now being flagged by at least one major bank as a potential vulnerability.

Telus Hits a 52‑Week Low: What the Fundamentals Look Like

MarketBeat’s instant alert on Telus’ new low includes a snapshot of the company’s financial profile that helps explain both the appeal and the concern. ^[15]

Valuation and balance sheet

At today’s prices, MarketBeat reports the following for Telus:

Market cap: ~C$29.6 billion
Trailing P/E ratio: about 24.5x
PEG ratio: ~1.65
Beta: ~0.93 (lower volatility than the broad market)
Debt‑to‑equity ratio: a hefty ~183%
Current ratio: ~0.69; quick ratio: ~0.52

These numbers paint a mixed picture:

The P/E is elevated relative to many traditional telecom peers, implying investors have been willing to pay up for Telus’ growth initiatives.
At the same time, the high debt load and relatively weak liquidity ratios fit with JPMorgan’s concern: continuing to grow the dividend aggressively while heavily leveraged is more challenging in a higher‑rate world.

Profitability snapshot

From the same data set, Telus’ most recent quarter (Q3 2025) shows: ^[16]

Earnings per share (EPS): ~C$0.32
Revenue: ~C$5.07 billion
Net margin: ~4.6%
Return on equity (ROE): ~5.8%

These margins are modest, not the kind of numbers that automatically scream “unsafe,” but they’re also not fat enough that Telus can comfortably absorb shocks without anyone questioning the payout.

The Dividend: Still Massive, Now Under a Brighter Spotlight

New dividend details

Earlier this month, Telus’ board declared a quarterly dividend of C$0.4184 per share, payable on January 2, 2026 to shareholders of record as of December 11, 2025. ^[17]

This continues Telus’ long‑running pattern of incremental hikes:

The previous quarterly dividend was C$0.4163,
Telus says this represents a 4% year‑over‑year increase,
The company has increased its dividend for about 22 consecutive years, with 5–10‑year dividend growth rates just over 7% annually. ^[18]

What that yield looks like after today’s drop

Using the new quarterly rate:

Annualized dividend ≈ C$1.6736 per share (C$0.4184 × 4)
On today’s TSX closing price around C$19.12, that works out to a forward yield of roughly 8.7–8.8%. ^[19]

Yesterday, a Motley Fool Canada piece was already asking if Telus was a buy for an 8.3% yield, before today’s sell‑off pushed that implied yield even higher. ^[20]

An almost 9% yield from a large, regulated telecom is either a gift or a warning sign, depending on how you feel about the balance sheet and earnings trajectory. That tension is exactly what JPMorgan’s downgrade is highlighting.

The Bullish Counter‑Story: AI, Cybersecurity and Streaming Expansion

While the stock is under pressure, Telus is not acting like a company in retreat. Today’s news flow also includes several growth‑oriented milestones.

1. Sovereign AI Factory: Canada’s fastest supercomputer

In a press release carried on Cision and other tech outlets, Telus announced that its Sovereign AI Factory has been recognized on the TOP500 list as Canada’s fastest and most powerful supercomputer and the 78th fastest in the world. ^[21]

Key points from that announcement:

Telus’ AI Factory is Canadian‑owned infrastructure, designed to keep AI compute and data on Canadian soil – a key selling point for enterprises with data‑sovereignty concerns. ^[22]
It’s housed in a highly efficient data centre in Rimouski, Quebec, which Telus previously highlighted as running on 99% renewable energy and being significantly more energy efficient than typical AI data centres. ^[23]
CEO Darren Entwistle framed the recognition as a “defining moment” for Telus and Canada’s position in the global AI landscape, arguing that Canadian infrastructure can compete with, and even surpass, some of the world’s largest systems. ^[24]

Strategically, this moves Telus further into AI cloud and high‑performance computing services, opening potential new revenue streams beyond traditional wireless and broadband.

2. TELUS TV+ expands to Samsung, LG and Fire TV

Also today, German software provider 3 Screen Solutions (3SS) announced that TELUS TV+, the company’s “super‑aggregated” entertainment platform, is now launching on Samsung and LG smart TVs, following an earlier rollout to Amazon Fire TV in April 2025. ^[25]

Highlights from the 3SS press release:

TELUS TV+ now supports Samsung and LG smart TVs plus Fire TV devices, as part of Telus’ Bring Your Own Device (BYOD) strategy.
Telus already serves over 1.3 million households with linear and streaming solutions through TELUS TV+ and its Stream+ tier, which bundles services like Netflix, Prime Video and Disney+ along with over 50 free ad‑supported streaming (FAST) channels. ^[26]
Telus executives describe the platform as a way to defend against cord‑cutting by delivering a consistent, personalized user experience across multiple devices. ^[27]

For investors, this is part of a broader pivot: Telus wants to be viewed not just as a “pipe” but as a content and platform player, with recurring subscription and advertising revenue layered on top of connectivity.

3. Valuation narrative: AI and cybersecurity innovation

Today, Simply Wall St published a fresh analysis titled “TELUS (TSX:T) Valuation in Focus as Cybersecurity and AI Innovation Capture Investor Attention.” ^[28]

Key themes in that piece:

The article links Telus’ story to initiatives like its Quantum‑Safe VPN service and AI‑driven infrastructure upgrades, arguing that these are forward‑looking moves in cybersecurity and AI. ^[29]
Simply Wall St’s popular valuation narrative pegs Telus’ fair value at around C$23.38 versus a recent closing price of C$20.06, implying the shares are about 14% undervalued on a discounted cash‑flow basis. ^[30]
However, they also note Telus trades at 26.3× earnings, significantly above an industry average near 16× and peers closer to 8.8×, warning that this premium leaves downside risk if growth disappoints. ^[31]

Put simply: some fundamental models see Telus as undervalued, but that view depends heavily on the success of its AI, cybersecurity and digital‑services bets.

How Analysts View Telus After Today’s Move

While JPMorgan’s downgrade grabbed the headlines, it’s one voice in a broader chorus.

TSX‑side: “Moderate Buy” with higher targets

On the Canadian side, MarketBeat’s summary of TSX‑listed Telus still shows: ^[32]

An average analyst rating of “Moderate Buy”,
Six Buy ratings and six Hold ratings,
An average price target around C$23.23, implying double‑digit upside from today’s C$19‑ish level.

That said, those targets were largely set before today’s downgrade and 52‑week low, so they may be revisited in coming weeks.

NYSE‑side: “Hold” consensus with 30%+ upside

For the NYSE listing TU, MarketBeat’s forecast page today shows: ^[33]

A consensus rating of “Hold” based on 10 analyst ratings
- 1 Sell
- 8 Hold
- 1 Buy
An average 12‑month price target of US$18.17, implying around 33% upside from the current US$13.6 share price.
The highest target sits at US$21.50, with the lowest at US$14.00.

The same page records today’s JPMorgan action – Neutral ➝ Underweight, C$22 ➝ C$19 – in its rating history, confirming this isn’t just a rumor. ^[34]

Other recent views

RBC Capital recently maintained a Buy rating on Telus and raised its U.S.‑listing target to about US$17.10, according to institutional‑ratings summaries. ^[35]
Morningstar continues to list Telus among undervalued Canadian dividend stocks, alongside names like Nutrien, at least as of late October. ^[36]

In other words, the analyst community is far from unanimous. The trend, though, is clearly moving toward more cautious or neutral stances, with today’s downgrade pushing the distribution slightly toward “Sell.”

What Today’s Telus News Means for Different Types of Investors

This is general market commentary, not personalized investment advice. Always do your own research or speak with a licensed advisor before making decisions.

For income‑focused investors

Pros:

A near‑9% forward yield from a national telecom with 20+ years of dividend growth is extremely rare. ^[37]
Management just reaffirmed its commitment by raising the dividend again this month, even in a choppy macro environment. ^[38]

Cons / risks:

JPMorgan’s downgrade squarely targets dividend sustainability, citing the combination of high leverage and aggressive payout growth. ^[39]
Telus’ debt‑to‑equity ratio north of 180% means higher interest costs could bite into future cash flows if rates stay elevated for longer. ^[40]

If you own Telus mainly for income, today’s news is a prompt to re‑examine your comfort level with its balance‑sheet risk versus the lure of a higher yield.

For growth and tech‑oriented investors

The AI and streaming headlines are more exciting:

The Sovereign AI Factory gives Telus a credible claim in the AI infrastructure space, with global TOP500 recognition and a sustainability angle that may appeal to ESG‑minded clients. ^[41]
TELUS TV+ expansion demonstrates continued innovation in consumer entertainment and bundling, with potential for higher ARPU (average revenue per user) and reduced churn. ^[42]

But the market reaction today suggests that Wall Street is currently more focused on downside (dividend and debt) than upside (AI and streaming). For growth‑oriented investors, that might represent a chance to build a position at lower prices, if you buy into the AI/streaming narrative and are comfortable with the risk profile.

For value investors

From a value‑lens:

Models like Simply Wall St’s DCF analysis suggest Telus is around 14% undervalued versus a fair value of C$23.38, and Morningstar lists it among undervalued dividend payers. ^[43]
On the other hand, Telus still trades at a P/E significantly above industry averages, meaning the “value” case hinges more on future growth and cash‑flow expansion than on deep statistical cheapness today. ^[44]

For classic value investors, that combination may feel more like a “quality at a fair price” situation with real balance‑sheet risks, rather than a screaming bargain.

5 Things to Watch After November 18, 2025

Looking beyond today’s headlines, here are the key items Telus watchers may want to monitor:

Any change in dividend guidance
- If management tweaks its dividend‑growth policy or payout‑ratio targets in upcoming calls, that would directly address JPMorgan’s main concern. ^[45]
Debt reduction and refinancing plans
- With leverage above 180% debt‑to‑equity, investors will want to see clear progress on de‑leveraging or refinancing at attractive rates as bonds mature. ^[46]
Monetization of AI Factory capacity
- Recognition on the TOP500 list is great, but the real test is signing enterprise, government and research customers to long‑term AI and HPC contracts. ^[47]
Adoption and margins in TELUS TV+ and digital services
- Expansion to Samsung, LG and Fire TV widens the funnel, but investors should watch subscriber growth, churn and profitability in these platforms over time. ^[48]
Further analyst moves
- With consensus now split among Buy, Hold and Sell, any additional downgrades or target cuts – or, conversely, upgrades if Telus executes well – could significantly influence sentiment and price. ^[49]

Bottom Line

On November 18, 2025, Telus’ story is more complicated than just “falling telecom.”

Bearish forces: A high‑profile downgrade, a fresh 52‑week low, elevated leverage and questions about how long Telus can keep lifting its dividend at a rapid pace. ^[50]
Bullish forces: A massive, newly recognized Sovereign AI Factory, continuing expansion of TELUS TV+ across major smart‑TV platforms, and models that still see double‑digit upside based on consensus price targets. ^[51]

For investors, the key question isn’t just “Is Telus cheap?” but “Do I believe Telus can grow into its AI, cybersecurity and digital‑platform ambitions fast enough to support this outsized dividend and bring leverage back to safer levels?”

If the answer is yes, today’s sell‑off and new 52‑week low may look like an opportunity in hindsight.
If the answer is no, JPMorgan’s new “Underweight” rating may feel like the beginning of a more cautious chapter for this once‑unquestioned Canadian dividend staple. ^[52]

Either way, November 18, 2025 will likely stand out as an inflection point in how the market thinks about Telus – not just as a telecom, but as a leveraged dividend payer trying to reinvent itself as an AI and digital‑platform powerhouse.

References