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Investing.com - National Bank Financial upgraded Quebecor Inc. (TSX:QBR.B) from Sector Perform to Outperform on Tuesday, setting a price target of C$42.00.
The Canadian telecommunications company, which also trades over-the-counter (OTC:QBCRF) in the United States, received the upgrade following a period of expected stock pullback around its second-quarter reporting period.
National Bank Financial had previously downgraded Quebecor, but subsequently raised its target from C$38, which was breached in early April and prompted a rating change at that time.
The upgrade reflects National Bank Financial’s view that momentum can return to the stock as Quebecor continues to make progress with its strategy outside of Quebec, supported by increased industry discipline in wireless and a recent renewal of its Normal Course Issuer Bid (NCIB).
The C$42 target is based on an average of 2025E/2026E discounted cash flow and 2026E/2027E net asset value, with implied enterprise value to EBITDA ratios of 7.2x for 2025E and 6.7x for 2026E.
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