Citi sees upside to Superloop subscriber growth and keeps buy on Telstra

Citi has flagged potential upside to subscriber growth forecasts at Superloop and Aussie Broadband, while keeping its buy rating on Telstra, according to a note reported by Stockopedia on Thursday 5 November 2026. The broker said September was a stronger month for Australian telecom operators.

Citi said flagship brands Telstra and Optus recorded higher web traffic and app downloads than in the previous month, which it said may have been helped by the latest iPhone launch. It said the app download and traffic data point to upside risks to subscriber growth forecasts at Superloop and Aussie Broadband, though it remains neutral on Aussie Broadband.

Citi described recent weakness in Superloop shares as a buying opportunity ahead of the company's AGM trading update. Year to date, Superloop shares are down 27 per cent and Aussie Broadband has lost 17.7 per cent, while Telstra is down 2.1 per cent.

On Telstra, the broker reiterated its buy rating, saying concerns around SpaceX's spectrum purchase highlight the strategic value of terrestrial spectrum holdings. Citi also said it believes the market underappreciates potential upside to Telstra's FY27 EBITDA guidance.