This analyst just raised his price target on Quebecor

National Bank Financial analyst Adam Shine says Quebecor’s (Quebecor Stock Quote, Chart, News, Analysts, Financials TSX:QBR.B) wireless execution, improving cable trends and sub-three-times leverage support a higher valuation.

As reported by the Globe and Mail, following a virtual fireside chat with CFO Hugues Simard, Shine maintained his “Outperform” rating on Quebecor and raised his target to a Street-high $74.00 from $67.00. The average target is $64.55.

Shine said Quebecor continues to gain wireless share in Quebec, largely through Fizz, while Videotron upgrades are helping lift average revenue per user despite Fizz dilution.

He said Freedom Mobile is tracking on plan, with the focus less on hitting a specific market-share target and more on improving network quality and customer satisfaction. Quebecor has also begun shifting some network spending from Ontario to Alberta and British Columbia ahead of a broader Freedom relaunch and Fizz introduction later in 2026.

“Discipline persists on network capex,” Shine said.

The analyst said wireless pricing was more disciplined in the second quarter than in the first, and Quebecor is not chasing subscriber loading targets.

In cable, Shine said Videotron has returned to growth after choosing not to raise prices during a period of heavy fibre discounting by its telco competitor. Competitive intensity eased after early 2025, and Videotron’s Dec. 3 price increase helped cable return to growth in the first quarter of 2026 for the first time since mid-2023.

Shine said Videotron customers are upgrading to higher speeds, while Fizz is seeing more bundling in Quebec. He also said retention and winback efforts have improved since late 2024.

Freedom Home Internet, launched Dec. 2, has gained some traction in Ontario, though Shine said Quebecor still needs to improve consumer awareness to drive bundling.

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