The Globe and Mail reports in its Thursday, June 1, edition that Scotia Capital Maher Yaghi has an unchanged "sector outperform" recommendation on Telus. The Globe's David Leeder writes in the Eye On Equities column that Mr. Yaghi cut his share target back by $2.50 to $29.50. Analysts on average target the shares at $31.13. Mr. Yaghi reduced his forecast for telecommunication companies in response to recent "sizable" moves to adjust their wireless pricing levels to compete with Freedom Mobile's relaunch. Mr. Yaghi says in a note: "Unlike price discounting to stimulate demand, recent reductions are offering more data for fewer dollars which, over time, could lead to dilution to ARPUs [average revenue per user]. We review in this biweekly these trends and posit that, if sustained, we could begin to see ARPU degradation late this year and becoming more visible in 2024. As such, we have adjusted down our ARPU forecasts by 1 to 2 per cent for 2024 and updated our models and valuation decks appropriately. ... The problem with the recent price war is that we are seeing plan prices now offering more data for fewer dollars and this is why we see this environment as more risky to ARPUs going forward."