Quebecor. Buy, Sell or Hold?

Following a big run-up in the share price, National Bank Financial analyst Adam Shine has lowered his rating on Quebecor (Quebecor Stock Quote, Chart, News, Analysts, Financials TSX:QBR.B).

As reported by the Globe and Mail, Shine this week cut the stock from “Outperform” to “Sector Perform”, while maintaining his price target of $54.00.

“We returned our rating on Quebecor to Outperform on Aug. 11 following an anticipated pullback in the stock heading into and after 2Q reporting,” Shine wrote. “Since then, the stock is up more than 38 per cent (S&P/TSX up 8 per cent) driven by ongoing market share gains by the company in wireless, more discipline being exhibited by carriers in the mobile sector, a better balance being achieved by management between subscriber loading and margins and evolving supportive buyback activity. Along the way, we have steadily raised our target post-marketing (Sept. 16), with our 3Q preview (Oct. 17), after Quebecor delivered a 3Q beat (Nov. 6) and also after offering further insights on Telecom’s outperformance in 3Q (Nov. 11).”

The analyst, who notes that the stock has gained 68% in 2025, says its time for a step back.

“A pause is warranted on further target increases,” he said, advising that investors wait for “a better buying opportunity”.

At press time, shares of Quebecor were down 2.2% to $51.70.