The Telstra Group Ltd (ASX: TLS) share price has been out of form so far in 2024.
Since the start of the year, the telco giant's shares have lost approximately 4% of their value.
This has left Telstra's shares trading within sight of its 52-week low of $3.75.
Is the Telstra share price good value?
While investors haven't been giving Telstra's shares much love this year, the broker community remains enamoured with the company.
A large number of analysts currently have the equivalent of buy ratings on its shares with price targets offering double-digit returns over the next 12 months.
For example, Morgan Stanley has an overweight rating and $4.75 price target. This implies potential upside of 25% for the Telstra share price from current levels.
Elsewhere, the team at Macquarie has an outperform rating and $4.40 price target on its shares. This suggests that a return of almost 16% is possible between now and this time next year.
And over at Goldman Sachs, its analysts have a buy rating and $4.55 price target. This offers a potential gain of almost 20% for investors.
In addition, all three brokers are forecasting fully franked dividends per share of 18 cents in FY 2024. This is the equivalent of a 4.7% dividend yield at current prices.
Commenting on the company, last month Goldman Sachs said:
We believe the low risk earnings (and dividend) growth that Telstra is delivering across FY22-25, underpinned through its mobile business, is attractive. We also believe that Telstra has a meaningful medium term opportunity to crystallise value through commencing the process to monetize its InfraCo Fixed assets – which we estimate could be worth between A$22-33bn.
