The Telstra Corporation Ltd (ASX: TLS) share price has been very kind to its investors lately. For one, Telstra shares remain up an impressive 34% in 2021 so far, as well as 30% over the past 12 months.
By contrast, the S&P/ASX 200 Index (ASX: XJO) has ‘only’ managed increases of around 12% across those same periods. In other words, Telstra shares have almost tripled the ASX 200’s returns over the past year.
Not only that but, yesterday, we saw Telstra hit a new 52-week high of $4.08 a share. That’s the highest share price Telstra has touched since August 2019. And back then, it was a brief affair. The last time Telstra was consistently above $4 a share was way back in mid-2017.
So now Telstra has given its investors some healthy gains, where to from here? After all, it’s not exactly in Telstra’s nature to be a market triple.
This company is still often described as a creaky old blue-chip telco that is still dealing with its legacy as a state-owned monopoly. And many investors remember the dark days of the mid-2010s, which saw Telstra slash its cherished dividend and fall from around $6 a share to less than $2.70 by 2018.
Well, luckily for Telstra shareholders, a number of brokers remain bullish on this ASX telco.
Who’s rating the Telstra share price as a buy today?
The first is investment bank, Goldman Sachs. Goldman currently rates Telstra as a ‘buy’ with a 12-month share price target of $4.40 a share. That target implies a future potential upside of around 9.5% on current pricing, not including Telstra’s hefty dividend either.
Goldman has noted the impacts the recent acquisition of Digicel Pacific will have on Telstra’s earnings, as well as its new T25 cost-cutting plan.
But Goldman isn’t the only broker who likes Telstra right now.
Just yesterday, my Fool colleague James covered fellow broker Morgans’ views on Telstra. Morgans is currently rating Telstra as an ‘add’, with a 12-month share price target of $4.55. Morgans is expecting Telstra’s 16 cents per share annual dividend to continue to roll out to investors in FY22 and FY23.
But why stop there?
My Fool colleague Zach has also covered a new broker recommendation from Telstra this week. This one came from JPMorgan. JPMorgan rates Telstra with an even higher price target of $4.60 a share, a potential upside of almost 15%. This broker also likes the look of the Digicel Pacific acquisition, as well as Telstra’s market-leading position in the 5G rollout in Australia.
So there you have it, 3 brokers who are all bullish on the Telstra share price right now (albeit with varying degrees of bullishness). No doubt Telstra shareholders would be pretty pleased with that assessment.