It's been a rough year so far for the Telstra Corporation Ltd (ASX: TLS) share price in 2022. The ASX 200 blue chip telco share started the year off at $4.22 a share. But today, Telstra is trading at $3.91. That means the company has lost a painful 7.35% over the past nine months or so.
The only good thing we can say about this fall is that it bests the broader S&P/ASX 200 Index (ASX: XJO). After the savage week we've seen, the ASX 200 is now down a nasty 10.7% since the start of the year. So Telstra shares are actually beating the market over the year to date.
This might come as a disappointment for ASX 200 investors. After all, 2021 saw the Telstra share price rise more than 40%. So this represents quite a change of pace.
So following this miserly performance in 2022, what could be next for Telstra shares? Are we seeing a compelling buying opportunity today? After all, Telstra just gave its investors the first dividend hike we've seen in years.
Well, yes. That's the opinion of at least one ASX broker anyway.
Broker: Telstra share price is a buy today
As my Fool colleague James covered yesterday, ASX broker Morgans is eyeing Telstra off at the current price. The broker currently has an add rating on Telstra shares. That comes with a 12-month share price target of $4.60. If realised, that would represent a potential upside of almost 18% from where the shares are today.
Morgans liked what they saw in last month's earnings report, which outlined a return to growth for the company after years of NBN-driven earnings displacement.
The broker is estimating that Telstra will deliver another year of 16.5 cents per share in dividends over FY23 as well.
So no doubt that will be a welcome assessment for Telstra shareholders today. But we shall have to wait and see if the company's shares can deliver this 18% upside that Morgans is predicting.
In the meantime, the current Telstra share price gives this ASX 200 telco a market capitalisation of $45.18 billion, with a dividend yield of 4.22%.
