Canada Telecom Shares Drop on BMO Notes on Rogers, BCE, Quebecor [BNN Bloomberg (Canada)]
BCE, Inc. (BCE)
Last bce, inc. earnings: 2/6 07:00 am
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Source: BNN Bloomberg
The prominent telecommunications analyst cut Rogers' anticipated stock price to C$65 from C$80, almost a year after the company brought its acquisition of Shaw Communications Inc. to completion. Its shares declined as much as 2.7% to C$53.79 on Tuesday morning and weighed on the telecom sector. Casey expects growing competition and lower cable revenue to pressure Rogers' core revenue through the third quarter, particularly in Quebec. The company has a smaller footprint in the province, where a price battle between legacy wireline firms BCE Inc. and Quebecor Inc. is growing. Casey's call runs counter to some forecasts that Rogers' merger with Shaw will fuel increased cash flow from its cable and Internet business lines. The analyst also downgraded BCE and Quebecor to market perform from outperform, expecting the competitive environment to lead to a slower growth outlook for both companies. The cut sent Quebecor shares falling as much as 5.9% to the lowest level since October. BC
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