RBC Capital Markets adjusted its price targets on five Canadian telecom companies ahead of Q2 results for the sector.
Analyst Drew McReynolds raised his price target on Quebecor (QBR-B.TO) to C$70 from C$64 with a Sector Perform rating.
McReynolds lowered his target on BCE (BCE.TO) to C$36 from C$39 with an Outperform rating while Cogeco Communications (CCA.TO) was cut to C$70 from C$74 and a Sector Perform rating, Outperform-rated Rogers Communications (RCI-B.TO) was moved to C$60 from C$63 and TELUS (T.TO) was reduced to C$20 from C$22, while also keeping its Outperform level.
"We believe the reiteration of 2026 guidance by the Big 3 operators with Q2/26 results is at minimum required for the stocks to find firmer support," the analyst said in a note to clients.
"Furthermore, we believe a firmer floor is also contingent on maintaining the notable Q2/26 price discipline through H2/26 and into 2027," McReynolds said.
"While we expect BCE and Rogers to reiterate 2026 guidance, we do believe the door is open for TELUS to lower what is the highest bar for organic revenue and adjusted EBITDA growth among the Big 3," the analyst 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://finwires.com/en/contact)