1059 ET - Canadian telecoms aren't likely to bounce back from the challenging 2024. Bank of America analyst David Barden says in a report that subscriber growth was offset by falling prices, stronger competitive intensity while new, fourth provider attempts to offset in-footprint broadband losses with wireless gains. These negatives are compounded by new limits to immigration targets in Canada, which will add a big drag on providers and drive up churn as population. BofA downgrades Rogers to neutral from buy, and BCE to underperform from neutral, but Barden says Telus is the better positioned telecom thanks to its recent mitigating actions. "We believe investors will remain cautious on the sector," Barden says. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
January 14, 2025 10:59 ET (15:59 GMT)
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