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BMO Capital Markets cuts price targets on shares for Canada's big telecom players

TORONTO — Shares of some of Canada's big telecommunications companies fell as BMO Capital Markets cut its share price targets for several names in the sector.

The firm also lowered its ratings on both BCE Inc. and Quebecor Inc. to market perform from outperform on a slower growth outlook based on competitive pressures.

The move came as BMO lowered its target price for BCE shares to $46 from $54, while its target for Quebecor shares fell to $33 from $42.

It also cut its share price target for Rogers Communications Inc. to $65 compared with $80. Its target for Telus Corp. shares went to $24, from $26.

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BCE shares closed down $1.17 at $44.72 in trading on the Toronto Stock Exchange, while Quebecor class B shares were down $1.03 at $28.69.

Rogers class B shares fell $1.27 to $54.01, while Telus shares rose five cents at $21.64.

This report by The Canadian Press was first published April 2, 2024.

Companies in this story: (TSX:BCE, TSX:QBR.B, TSX:RCI.B, TSX:T)

The Canadian Press