The Globe and Mail reports in its Friday, Feb. 23, edition that Scotia Capital analyst Maher Yaghi continues to rate Quebecor "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Yaghi raised his share target to $38.75 from $38.25. Analysts on average target the shares at $39.94. Mr. Yaghi says in a note: "We are slightly increasing our target on Quebecor as a result of an improved expectation of results in the media business while our telecom estimates remain unchanged. Overall, the market reacted negatively to results today as telecom margins came below expectations. We estimate that the full difference was due to $15-million in higher year-over-year handset subsidies that the company chose to undertake to reduce churn. Interestingly, now that all wireless providers have reported, Quebecor was the only company that was able to reduce churn in a more competitive market while at the same time increase market share in wireless net additions. We believe the big three's aggressive pricing strategy in Q4, which caused them an increase in wireless churn without taking share from Quebecor should logically lead to more rational behavior over the next few quarters."