The Telstra (ASX:TLS) share price is having a good month. Here’s why these top brokers are expecting more of the same

How much upside is left in the Telstra share price?

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Two laughing male executives wearing dark suits chat across a timber lunch room table while one of them holds up his phone to show information about an ASX share

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The Telstra Corporation Ltd (ASX :TLS) share price has indeed enjoyed a very successful month. Telstra shares are up a very robust 6.8% since this time last month, rising from approximately $3.80 to the $4.06 they are commanding today at the time of writing. And that’s including the 0.5% dip we’ve seen so far today.

But if we zoom out, the picture just seems to get better and better. Telstra is also up a healthy 34.9% year to date in 2021 so far, as well as 30.55% over the past 12 months. Since going under $2.70 a share back in October last year, Telstra is now up more than 50% from those lows.

So now that Telstra has enjoyed these strong runs, many an investor might be wondering where Telstra is headed from here.

Well, to assist in that question, let’s take a look at what some top ASX brokers are saying about this ASX 200 telco right now.

3 ASX brokers rate the Telstra share price as a buy

Investment bank and broker Goldman Sachs is bullish, for one. Goldman currently rates Telstra shares as a ‘buy’ with a 12-moth share price target of $4.40 – implying a potential 8.1% upside over the next 12 months (in addition to any dividend returns of course). Goldman likes what it sees in Telstra’s recent Digicel acquisition, and reckons the telco will continue to dole out dividends as well as share buybacks for investors.

But Goldman isn’t the only expert investor bullish on Telstra shares. As my Fool colleague James covered last week, broker Morgans has also issued an ‘add’ rating on Telstra recently. Morgans sees Telstra with a share price of $4.55 in a year’s time (upside of almost 12%). This broker is attracted by what it sees as Telstra’s strong and stable dividend.

My Fool colleague Zach also recently analysed fellow broker JPMorgan’s views on Telstra. JPMorgan goes further again, rating Telstra with a share price target of $4.60 (upside of 13%). This broker noted Telstra’s “headstart on the rollout of 5G infrastructure [which] should see market share gains of lucrative postpaid subscribers”.

It also likes what it saw with the Digicel acquisition as well, and calls the telco “the best placed in the Australian mobile market”.

So there you have it, what 3 top ASX brokers think of the Telstra share price right now. Time will only tell who turns out to be right. In the meantime, Telstra’s current share price of $4.06 gives it a market capitalisation of $48.3 billion, with a dividend yield of 3.94%.

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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Sebastian Bowen owns shares of JPMorgan Chase and 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.

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