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Investing.com - RBC Capital downgraded Quebecor (TSX:QBR-B) (OTC:QBCRF) from Outperform to Sector Perform while raising its price target to C$46.00 from C$45.00.
The downgrade follows a significant year-to-date run-up in Quebecor’s stock price, with RBC citing relative returns to price targets within its Canadian telecom coverage universe as the primary reason for the rating change.
Despite the downgrade, RBC Capital maintains a positive outlook on Quebecor’s business fundamentals, particularly regarding the company’s national wireless strategy.
The investment firm expects Quebecor to return to sustained revenue and adjusted EBITDA growth within its Telecommunications segment in 2025.
RBC Capital noted that the price target increase from C$45 to C$46 resulted from minor estimate revisions and rolling forward the basis of its valuation.
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