Quebecor’s (QBR-B.TO) shares jumped Friday after a wave of price target hikes that followed the telecommunications company’s fourth-quarter 2025 results, with JPMorgan and Desjardins striking a notably bullish tone on the company’s upside.
JPMorgan analyst Sebastiano Petti reiterated the stock as his top Canadian communications pick, arguing that accelerating wireless revenue, improving cable trends and rising free cash flow support further upside — and potentially additional multiple expansion. JPMorgan’s price target rose from $56 to $63.
“Easing competition in Quebec versus BCE looks underappreciated and should support the 2026+ growth outlook,” Petti wrote in a note to investors. “We also like Quebecor’s out-of-footprint broadband strategy (fixed wireless access and Freedom Home Internet), which should support bundling over time and bolster mobile phone market share gains.“
At 7.6 times expected 2027 operating earnings, the stock trades at a premium to BCE (BCE.TO, BCE – 6.7x) and Rogers Communications (RCI, RCI-B.TO – 6.8x) — a valuation Petti and Desjardins analyst Jerome Dubreuil argue is justified by Quebecor’s growth profile. (Telus (T.TO, TU) has a higher valuation at 7.9x.)
The stock was trading at $55.85 per share on the Toronto Stock Exchange as at 1 p.m. ET Friday, up 3.85 per cent from Thursday’s close. Quebecor shares have gained nearly 75 per cent in the past year. Several other analysts raised their 12-to-18-month price targets following the Q4 earnings call, including CIBC moving from $57 to $61, Scotiabank from $51.25 to $54.50, and RBC from $52 to $57.
Dubreuil also pushed his target to $61 from $54, pointing to Quebecor’s return to positive average revenue per user (ARPU) growth in wireless, continued market share gains, and stronger-than-expected free cash flow guidance for 2026.
Quebecor generated 9.5 per cent wireless service revenue growth in the fourth quarter and was the only national carrier to post positive ARPU growth, according to analysts. Management also signalled free cash flow of about $1.1 billion or more in 2026, reinforcing the company’s capacity for dividends and share buybacks.
Dubreuil says the company’s “low-cost strategy” and capital allocation flexibility differentiate it from larger peers, supporting the stock’s premium multiple.
Other analysts, however, have expressed more caution. Scotiabank’s Maher Yaghi, who raised his target to $54.50 from $51.25 but maintained a “Sector Perform” rating, says ongoing wireless pricing pressure continues to weigh on the broader industry outlook.