Why this top broker thinks the Telstra (ASX:TLS) share price could surge ~40%

The Telstra Corporation Ltd (ASX: TLS) share price has been a disappointing performer but at least one broker sees big potential upside.

The TLS share price slumped by nearly 20% over the past year and is trading at $3.08 at the time of writing.

That’s significantly worse than the circa 3% dip in the S&P/ASX 200 Index (Index:^AXJO). Other ASX telecommunications stocks are also miles ahead.

Can the Telstra share price play catch-up in 2021?

The Amaysim Australia Ltd (ASX: AYS) share price doubled, Vocus Group Ltd (ASX: VOC) share price rallied 28% and the TPG Telecom Ltd (ASX: TPG) share price added 1%.

But the lagging Telstra share price could be worth a lot more than what the market is expecting, according to Macquarie Group Ltd…