CIBC Confirms Outperformer Rating and Target of $24.00 on Telus After Q1 Results and CFO Appointment

CIBC Capital Markets maintained its outperformer rating and C$24.00 price target on the shares of Telus (T.TO, TU) after the company reported its first-quarter financial results and appointed Gopi Chande as its Chief Financial Officer on Friday.

The company "continues to focus on de-leveraging and its growth businesses," said analyst Stephanie Price. "TELUS Health saw 11% Y/Y revenue and EBITDA growth in Q1, with its strategic process ongoing."

The bank thinks that outside of the growth businesses, the overall telecom environment remains competitive. Telus reiterated its 2026 guidance, but noted on the call that it expects to hit the lower end to midpoint of the service revenue and adj. EBITDA growth guides (both +2% to +4% Y/Y), with the Street already there, CIBC said.

The bank said it will be watching for potential strategy changes with the leadership transition next quarter. CIBC forecast 2026 consolidated service revenue and adjusted EBITDA growth of 2.1% and 2.9%.

Price: $17.17, Change: $-0.29, Percent Change: -1.66%

CN Rail Urges STB to Reject Proposed Union Pacific, Northern Southern Amended Merger Application

Canadian National Rail (CNR.TO), down 1.2% on last look, is urging the Surface Transportation Board (STB) to reject the amended merger application submitted by Union Pacific (UP) and Norfolk Southern (NS) as it "still fails to meet the Board's requirements and thus remains incomplete", the company said on Monday.The STB, which rejected the applicants' first application in January, identified three separate deficiencies. CN Rail notes the amended application still fails to provide thorough competition analyses and consistent market share information. The application also does not accurately identify the points that would "go from two Class I options to one, or from three Class I options to two", CN points out.CN also flagged the insufficiency of the applicants' proposed committed gateway pricing (CGP) program which applies to less than one percent of U.S. rail traffic. CN said many shippers would face increased rail shipping costs due to the CGP program.CN Rail shares were last seen down $1.91, to $150.80, on the Toronto Stock Exchange.Price: $150.86, Change: $-1.85, Percent Change: -1.21%

$CNR.TO

CIBC Confirms Outperformer Rating and Target of $24.00 on Telus After Q1 Results and CFO Appointment

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CN Rail Urges STB to Reject Proposed Union Pacific, Northern Southern Amended Merger Application

Correction: -- CN Rail Submits Comments To STB On Completeness Of UP-NS Amended Merger Application

CN Rail Submits Comments To STB On Completeness Of UP-NS Amended Merger Application