08:42 AM EST, 01/26/2024 (MT Newswires) -- Desjardins raised its price target on four Canadian telecom companies on Friday.
Analyst Jerome Dubreuil increased his target on BCE Inc. (BCE.TO) to $58 from $57, Quebecor Inc. (QBR-B.TO) to $42 from $41.50, Rogers Communications Inc. (RCI-B.TO) to $77 from $76, and on Telus Corp. (T.TO) to $28 from $27. He left his target on Cogeco Communications Inc. (CCA.TO) unchanged at $70.
"It's annual guidance season in Canadian telecom, and this reporting period should provide a better sense of the companies' views regarding how competition might evolve and what their cost-control perspectives are for 2024," Dubreuil said in a note to clients.
"We have slightly increased our target prices to reflect lower interest rates," the analyst said.
"We continue to recommend having an equal-weight exposure to the sector given its attractive defensive attributes amid the uncertain macro environment, offset by ongoing elevated competition in the industry," Dubreuil said.