Telus higher following Morgan Stanley upgrade to Overweight

The upgrade has led Telus (TU +2.7%) to hit levels last seen in June. Peers BCE (BCE +1.4%) and Rogers (RCI +1.4%) are also trading higher.

The trio recently saw a relief rally on account of the Verizon/Vodafone deal and Big Red's related decision not to enter the Canadian market. Other nationwide U.S. carriers have also signaled that they don't plan to take part in an upcoming Canadian spectrum auction (set for Jan. 14, 2014).

However, smaller Canadian carriers Wind and Public Mobile do plan to participate (no word yet from peer Mobilicity), and there's speculation P-E firms will try to consolidate struggling smaller names.

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