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CIBC Confirms Outperformer Rating on Quebecor and Raises Target to $67

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CIBC Capital Markets maintained its outperformer rating on the shares of Quebecor (QBR-B.TO) and raised its price target to C$67.00 from C$66.00 after the company reported its first-quarter financial results on Thursday.

The bank noted that Quebecor's combination of "solid" wireless ARPU growth and net added market share continued to drive above-market wireless service revenue growth in the quarter.

"With only ~12% wireless subscriber market share, we expect profitable growth to continue," said analyst Stephanie Price. "Given its solid wireless growth and market share gains, we see a premium as warranted and compare to TMUS in the U.S., which has averaged a 2.4x premium to U.S. peers in recent years given its superior growth."

CIBC increased buyback assumptions for 2026 given the expanded NCIB and slightly increased internet and wireless service revenue growth given strong Q1 results, it said.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $64.39, Change: $+2.32, Percent Change: +3.74%

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