National Bankshares has downgraded its rating for Quebecor (TSE:QBR.B) from “outperform” to “sector perform” in a report released to investors on November 6, 2023. The firm has set a price target of C$54.00 for the stock. This development comes as several other analysts have also reassessed their ratings for the telecom company.
In a separate report dated October 9, Desjardins increased its price target for Quebecor shares from C$43.00 to C$47.00, maintaining a “buy” rating. Following that, Scotiabank adjusted its target from C$43.25 to C$43.50, also issuing a “sector perform” rating on October 20.
On November 7, CIBC raised its price target for Quebecor from C$49.00 to C$54.00, while TD Securities similarly increased its target from C$49.00 to C$52.00 and issued a “buy” rating. Finally, BMO Capital Markets on November 10 adjusted its target from C$47.00 to C$53.00.
As it stands, four research analysts have rated Quebecor with a “buy” designation, while three have given it a “hold” rating. According to data from MarketBeat, the company currently holds a consensus rating of “Moderate Buy” with an average price target of C$49.86.
Recent Earnings Performance
Quebecor recently published its quarterly earnings results on November 6, revealing earnings per share (EPS) of C$1.02 for the quarter. The company reported a net margin of 12.99% and a return on equity of 37.44%. Total revenue for the quarter reached C$1.41 billion, highlighting the company’s robust financial performance.
Quebecor is predominantly recognized for providing mobile and fixed-line telecommunications services across Quebec, where it holds a leading market position. The company boasts more than 1.8 million internet subscribers, serving over 60% of households within its operational network. In addition, Quebecor has approximately 1.6 million mobile subscribers, accounting for over 20% of the wireless market share in the province.
As Quebecor navigates these market evaluations and adjusts its strategies, the focus remains on maintaining its competitive edge in the telecommunications sector.
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