It's no secret that the S&P/ASX 200 Index (ASX: XJO) has been having a top run of late. Including today's modest gains, the ASX 200 has now lifted an impressive 4.6% since 20 March. As such, many ASX 200 shares have also been enjoying some time in the sun over the past fortnight or so. One such share is Telstra Group Ltd (ASX: TLS).
Telstra shares seem to be going from strength to strength. It was only a month ago that the ASX 200 telco was asking $4.08 a share. But today, Telstra has risen by another 0.83% at the time of writing to $4.26 a share, a good 4.3% above what it was asking a month ago.
Today's share price also represents a 7.85% rise for the company over 2023 so far. Yes, Telstra started the year at $3.95 a share:
But it gets even better for shareholders. Telstra shares have also hit a new 52-week high this morning. Just after market open, the company climbed as high as $4.27 a share. That's Telstra's new 52-week high watermark.
So this is unquestionably good news for Telstra shareholders, who last witnessed the company at these kinds of levels way back in 2017.
But it also poses a question that many investors might be grappling with right now: is Telstra a buy at these levels?
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Are Telstra shares a buy at a new 52-week high?
Well, to answer that question, let's look at some of the opinions of the ASX's most prominent brokers.
Last month, we looked at the views of ASX broker Goldman Sachs. Goldman has taken a look at the Telstra of 2023 and liked what it saw. Last month, the broker retained a buy rating in Telstra, complete with a 12-month share price target of $4.60 per share. If realised, that would mean another 7.73% upside from today's new 52-week high.
Goldman likes Telstra's T25 cost-cutting plans, as well as its pricing power and competitive position. The broker is also pencilling in further dividend increases for investors, predicting a total of 17 cents per share in fully franked dividends in FY2023, and 18 cents in FY2024.
So that's one ASX broker who is calling Telstra shares a buy right now. But it's not the only one.
Just yesterday, my Fool colleague also looked at the opinion of fellow ASX broker Morgans. Morgans also has an add rating on Telstra right now, with an even higher share price target of $4.70.
Morgans likes Telstra due to "the strongest tailwinds in a decade with an increasingly rational market, price rises across the majors and the criticality of telco increasingly recognised".
So Telstra's recent run of good form is nowhere near its end if these two ASX brokers are to be believed. But let's wait and see what the next 12 months bring for Telstra shares.
