New 52-week high, but what are brokers saying about the Telstra (ASX:TLS) share price now?

Here's what 3 brokers think of Telstra shares right now…

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.

Young woman thinking with laptop open.

Image source: Getty Images

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.

At the current Telstra share price (at the time of writing) of $4.02, this ASX 200 telco has a market capitalisation of $48.4 billion, with a dividend yield of 3.98%.

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Communication Shares

A woman holds an old fashioned telephone ear piece to her ear while looking unhappy sitting at a desk with her glasses crooked on her nose and a deflated expression on her face.
Communication Shares

Why have Telstra shares lost 16% since May?

Telstra has been a loser in recent months.

Read more »

Smiling woman with her head and arm on a desk holding $100 notes, symbolising dividends.
Communication Shares

How much must I invest in Telstra shares to earn a $1,000 passive income in 2027?

Can investors call on Telstra for good dividend income in 2027?

Read more »

woman on phone
Broker Notes

With $2.4 billion in FY26 profits, are Telstra shares a good buy today?

A leading expert delivers his outlook for Telstra shares.

Read more »

a newsboy wearing historical costume of peaked cap and braces yells into an old fashioned megaphone while holding a newspaper in one hand, a so-called newsboy of previous eras when newsboys sold newspapers on street corners.
Communication Shares

Why did Nine Entertainment shares hit a 12-month low today?

It's been a bleak day for the media company.

Read more »

A group of people look intently towards the camera as though they are very interested in the information they are hearing.
Communication Shares

Tuas FY26 results: revenue climbs, subscriber base expands

Tuas' FY26 earnings saw a 24% revenue increase and strong subscriber growth as the company invests in network expansion.

Read more »

Man holding Australian dollar notes, symbolising dividends.
Communication Shares

If I buy $6,000 of Telstra shares, how much dividend income will I receive?

Telstra could be a wise choice for dividend income in FY27.

Read more »

Smiling woman listening to music and using her phone.
Dividend Investing

Should I buy Telstra shares for passive income?

I take a closer look at what the latest dividend forecasts could mean for income investors.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Dividend Investing

Are Telstra shares a good buy for passive income?

The telco offers its shareholders much more than just a potential share price upside.

Read more »