11:42 AM EDT, 10/10/2024 (MT Newswires) -- In his third quarter preview of the Canadian Telecoms sector, RBC's Drew McReynolds says additional upside in the sector will require more evidence that overall industry revenue growth is at, or is close to, a YoY trough along with better visibility on what a revenue recovery for the industry could look like in 2025.
RBC's 2024 revenue forecasts for the Big 3 telcos are all below the respective guidance ranges. Downward revisions with third quarter results now look likely in the absence of more notable pricing discipline, macro improvement and/or higher wireless equipment revenue in the fourth quarter, McReynolds adds.
RBC has lowered its target on BCE to $52, from $53; reiterate Sector Perform.
Cogeco Communications has been raised to $79, from $76; Sector Perform.
Quebecor has been raised to $38, from $36; Sector Perform.
Telus (target $25) and Rogers (target $66) are rated Outperform.
Price: 45.42, Change: -0.26, Percent Change: -0.57