-- TD証券は火曜日、TELUS Corp.（T.TO）の投資判断を「中立」から「買い」に引き上げた。 アナリストのヴィンス・ヴァレンティーニ氏は、カナダの通信会社であるTELUSの目標株価を19ドルから20ドルに引き上げた。 「最近の株価下落を受け、当初は5月8日に発表される第1四半期決算を待ってから格上げを検討する予定だったが、3つの面で多くの好材料が見込まれるため、待つことはできない」とヴァレンティーニ氏は顧客向けレポートで述べた。 「本日、業績予想や目標株価倍率を変更する予定はない（4月2日の格下げレポートで既に引き下げていた）。しかし、価格規律の改善とそれに伴う業績予想への自信の高まりを受け、2027年予想に基づく目標株価から5%のリスク／不確実性ディスカウントを撤廃した」とアナリストは述べた。 「業界の価格規律は最近改善しており、今後数ヶ月で設備投資と非中核資産売却に関する好材料が期待できる」
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Mizuho Securities Adjusts Hilton Worldwide Price Target to $326 From $321, Maintains Neutral Rating
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Quebec's Provincial Economy Starts 2026 at a Standstill, Says National Bank
After posting its first increase in three months in December, Quebec's gross domestic product lost momentum in January, remaining unchanged from the previous month, said National Bank of Canada.This stability in economic activity at the start of the year was due to a slight increase in the goods sector's output, which was entirely offset by a decline in activity in the services sector in the province, noted the bank.National Bank recalls that after underperforming the Canadian economy as a whole from January to July 2025, the Quebec provincial economy has grown at a pace similar to the rest of the country in recent months.However, the uptick in economic activity since the second half of 2025 hasn't been sufficient to close the gap with the rest of the country, as the Quebec economy contracted by 0.7% over 12 months compared with a 0.6% increase in Canada, stated the bank. Although this year-over-year gap is largely due to widespread underperformance in Quebec's goods sector, the province's services sector also underperformed in 10 of its 15 subsectors.Despite the less favorable economic conditions in the province, Quebec's labor market has shown considerable resilience. Since the imposition of U.S. tariffs in February 2025, the unemployment rate in the province has remained stable, while it rose by one-tenth of a percentage point across the country despite the stronger economic environment.Returning to the January data, there are some positive highlights to note, notably a second consecutive monthly increase of 0.5% in the manufacturing sector. However, activity levels in this sector remained 4.8% lower than in February 2025.National Bank also points out significant jumps in the mining and quarrying and construction sectors, as well as in the information and cultural industries. Conversely, the agriculture and forestry, utilities, wholesale trade, administrative, support, and waste management, and arts, entertainment, and recreation sectors all experienced significant declines in January, partially or completely erasing the notable gains recorded in December.Looking ahead, the sustained activity in January following December's surge is encouraging for the outlook for Q1 2026, stated the bank. However, Quebec's economy still faces numerous challenges, including persistent trade uncertainty, the upcoming renewal of the USMCA trade deal and sector-specific tariffs disproportionately impacting the province.Added to this is rising inflation due to the conflict in the Middle East, which could have beneficial effects on the economies of certain oil-producing provinces but in Quebec is likely to result in a loss of purchasing power for local households and businesses, according to National Bank.
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Microsoft Appears to Have Made More Concessions Than Gains Under Amended Deal With OpenAI, UBS Says
Microsoft (MSFT) appears to have made more concessions than gains under the recently amended agreement between the company and OpenAI, UBS said in a research note emailed Tuesday.Microsoft effectively loses its application programming interface, or API, exclusivity, with OpenAI now allowed to host all its products on other cloud providers, UBS said, adding that this development appears to be a major win for Amazon (AMZN).Microsoft's access to OpenAI's intellectual property continues to run through 2032, but it is now non-exclusive, representing another concession, according to UBS.In its view, UBS said that OpenAI needs more compute and Microsoft may be unable or unwilling to provide as it works to become a larger compute partner to Anthropic and fulfil its internal needs.UBS said that both Microsoft and OpenAI are increasingly becoming direct knowledge work rivals and soon even artificial intelligence coding model opponents, and that OpenAI is scaling so fast that current revenue share terms were likely untenable.UBS maintained its buy rating with a $510 price target on Microsoft.Price: $427.58, Change: $+2.76, Percent Change: +0.65%
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