The Telstra Corporation Ltd (ASX: TLS) share price has started the week on a positive note.
At the time of writing, the telco giant's shares are up 1.5% to $3.88.
This latest gain means Telstra's shares are now up approximately 29% in 2021.
Can the Telstra share price keep rising?
The good news for investors is that it may not be too late to buy the telco's shares.
This is because one leading broker still sees plenty of upside for the Telstra share price over the next 12 months.
A recent note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on the company's shares to $4.55.
Based on the current Telstra share price, this implies potential upside of 17% for investors before dividends. This increases to just over 21% if you include the 16 cents per share dividend Morgans is forecasting in FY 2022.
Four reasons Telstra could be a buy
Morgans is positive on the Telstra share price for four key reasons.
The first, it explained, is: "Industry dynamics have turned positive (NBN and mobile prices are increasing after 5 years of decline; TLS's targets imply they continue to rise)."
"The SOTP [sum of the parts] for TLS is worth more than the current share price (and steps to release this value are underway; albeit timing is unclear)," Morgans reveals as another reason.
The broker is also positive on the recent deal with the Federal Government to acquire the Digicel Pacific business.
It commented: "While PNG is not without risk, this deal shows management's ability to sensibly manage risk, and it could create further upside, all going to plan."
The final reason Morgans is bullish on the Telstra share price is its growth outlook. After years of earnings declines, the broker notes that Telstra is well-placed for growth in the coming years.
"Underlying earnings returned to growth in 2H21 and should continue growing out to FY25," it concluded.
All in all, this could make Telstra worth considering in November.
