It has been another positive day for the Telstra Group Ltd (ASX: TLS) share price on Tuesday.
The telco giant's shares returned from the Easter break in style by hitting a new multi-year high of $4.32.
When the Telstra share price hit that level, it meant it was up a solid 8% since the start of the year.
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Can the Telstra share price keep rising?
Given that Telstra's shares are now at a new multi-year high, investors may be wonder if there's anything left in the tank.
The good news is that a number of brokers believe they can keep rising from current levels.
One of those is Morgans, which has the telco on its best ideas list again this month with an add rating and $4.70 price target. This implies potential upside of almost 9% from current levels.
In addition, the broker is expecting a 17 cents per share fully franked dividend both this year and next year. If we add this into the equation, investors can expect a total return of almost 13% over the next 12 months if Morgans is on the money with its recommendation.
What is the broker saying?
Morgans is bullish on the Telstra share price due to the company's positive outlook. This is being underpinned by its restructure and potential asset divestments. It explained:
After a major turnaround, TLS has emerged in good shape with strong earnings momentum and a strong balance sheet. In late CY22 shareholders vote on Telstra's legal restructure, which opens the door for value to be released. TLS currently trades on ~7x EV/EBITDA. However some of TLS's high quality long life assets like InfraCo are worth substantially more, in our view. We don't think this is in the price so see it as value generating for TLS shareholders. This, free option, combined with likely reputational damage to its closest peer, following a major cybersecurity incident, means TLS looks well placed for the year ahead.
