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Investing.com - National Bank Financial downgraded Quebecor Inc. (TSX:QBR.B) from Outperform to Sector Perform on Wednesday, maintaining a price target of C$54.00 following the stock’s significant rally.
The Canadian telecommunications company has seen its shares surge more than 38% since National Bank Financial’s previous Outperform rating issued on August 11, substantially outperforming the S&P/TSX’s 8% gain during the same period.
National Bank Financial cited several factors driving Quebecor’s strong performance, including ongoing market share gains in wireless services, increased discipline among carriers in the mobile sector, and improved management balance between subscriber growth and margins.
The downgrade comes as Quebecor stock has climbed approximately 68% year-to-date in 2025, significantly outpacing the S&P/TSX’s 21% gain, prompting the analyst to recommend a pause while awaiting "a better buying opportunity."
National Bank Financial’s C$54.00 price target remains based on the average of 2025E/2026E DCF and 2026E/2027E NAV valuations, with implied EV/EBITDA multiples of 8.2x for 2025E and 7.6x for 2026E.
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