The Globe and Mail reports in its Wednesday, Dec. 24, edition that National Bank Financial analyst Adam Shine has reaffirmed his "outperform" recommendation for Telus. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shine gave his share target a 50-cent trim to $21. Analysts on average target the shares at $20.76. Ahead of the Feb. 12 release of its fourth quarter results, Mr. Shine reduced his forecast for Telus and now sits below the consensus expectations. He is projecting total revenue of $5.32-billion, which represents a drop of 1.1 per cent year-over-year, a decline from his previous model of $5.44-billion previously and under the Street's forecast of $5.43-billion. His adjusted earnings before interest, taxes, depreciation and amortization estimate is now $1.84-billion, down from $1.91-billion and under his peers' $1.85-billion projection but up 0.1 per cent from the last fiscal year. Mr. Shine now sees adjusted earnings per share of 23 cents, down from 26 cents previously and lower by 8.7 per cent year-over-year. The consensus is 25 cents. Mr. Shine says in a note: "Pressure persists on stock amid year-end tax-loss selling. We don't expect dividend to get cut."