It's been a strong start to the trading week for the Telstra Corporation Ltd (ASX: TLS) share price so far this Monday. At the time of writing, Telstra shares have added a decent 0.38% and are going for $3.94.
However, if we zoom back a little, it's clear that Telstra shares have been struggling in recent months. The telco remains down by 6.75% year to date in 2022 so far. Telstra is also down by almost 8% from the 52-week high of $4.31 a share that we saw back in January. The company has gained 0.64% over the past 12 months.
Even so, it could have been worse. The S&P/ASX 200 Index (ASX: XJO) has lost an even greater 8.25% over the year to date. The ASX 200 is also still down by 6.1% over the past 12 months, so Telstra shares have actually delivered meaningful market outperformance over this period.
But we still can't say Telstra shares have done too much in recent months.
But what of the future? Could this share price stagnation lead to a good buying opportunity for the ASX 200 telco today?
Well, one ASX broker thinks it just might.
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Is the Telstra share price a buy today?
As my Fool colleague James covered yesterday, ASX broker Ord Minnet thinks the best might be yet to come for Telstra. Ord Minnet currently rates Telstra shares as a buy, with a 12-month share price target of $4.60 a share. If that came to pass, it would result in a compelling upside of almost 17% on current pricing.
Ord Minnet is excited about Telstra's future dividend prospects. Telstra raised its dividend for the first time in years last month. Investors will enjoy a final dividend of 8.5 cents per share, fully franked, for FY22.
But Ord Minnet reckons the telco will be able to jack up its dividends again in FY23, estimating an FY23 total of 17 cents per share in dividends. This is expected to rise to 19 cents per share for FY24.
No doubt this will be very welcome news for Telstra investors today.
At the current Telstra share price, this ASX 200 telco share has a market capitalisation of $45.5 billion, with a dividend yield of 4.19%.
