CIBC Capital Markets raised its price target on Quebecor (QBR-B.TO) to C$78 from C$67, and reduced its target on BCE (BCE.TO) to C$36 from C$37.

Analyst Stephanie Price maintained an Outperformer rating on both stocks as she previewed Q2 results for the Canadian telecom sector.

"Q2 was a slower quarter, given continued immigration headwinds; however, we believe it was less promotionally intensive than Q1," Price said in a note to clients.

"We are forecasting flattish growth in both consolidated industry revenue and adjusted EBITDA, with growth driven primarily by recent M&A," the analyst said.

CIBC is predicting a 1% year-on-year industry wireless average revenue per user decline in Q2, adding on from the 0.7% slip in Q1. That's as "elevated pricing competition in March flows through into Q2 ARPU," Price said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)