CIBC cuts price targets on Canadian telecoms on promotional activity

In a note on the Canadian telecom space, CIBC analyst Stephanie Price reduced wireless multiples by a quarter turn across the sector, citing a “more promotional wireless environment.” CIBC said it continues to regard Rogers (RCI), Quebecor (QBCRF), and Telus (TU) as “attractive at these levels,” and kept Outperformer ratings on those stocks. The firm also kept a Neutral rating on BCE (BCE).