The Telstra Corporation Ltd (ASX: TLS) share price was a reasonably positive performer on Wednesday.
The telco giant’s shares rose 0.5% to $3.95.
How has the Telstra share price performed since reporting its results?
Following the small rise in the Telstra share price yesterday, the company’s shares have now risen a touch over 3.1% since the release of its results.
However, this doesn’t tell the whole story. Around six weeks ago when the company released its results, the market was already getting excited about a potential return to growth in FY 2022.
This was confirmed with its results.
Telstra’s CEO, Andy Penn, commented: “2021 was a really significant year for Telstra. We delivered results in line with guidance and we are seeing the focus and discipline on T22 pay off. It represents a turning point in our financial trajectory. Our second half underlying EBITDA was up on the first half, and our guidance for FY22 underlying EBITDA is $7.0-7.3 billion, which represents mid to high single digit growth.”
However, with the market already pricing this in, the response by the Telstra share price was modest.
Though, one thing that certainly wasn’t modest, were the gains the company’s shares made prior to its results.
Demand for its shares has been strong in 2021, leading to the Telstra share price being one of the best performing large caps this year. For example, since the start of the year, the company’s shares are up a sizeable 31%.
Where next for the company’s shares?
The good news is that the Telstra share price has been tipped to rise further by a number of leading brokers.
One of those is Morgans. In response to its T25 strategy update last week, the broker retained its add rating and lifted its price target to $4.44.
This means there’s still potentially a further 12.5% upside for Telstra’s shares over the next 12 months. Food for thought.