The Globe and Mail reports in its Friday edition that in a research report released Thursday titled A Competitive Start To The Year, CIBC analyst Stephanie Price reduced her forecast for Quebecor "amid a more promotional wireless environment." The Globe's David Leeder writes that Ms. Price continues to rate Quebecor "outperformer." Ms. Price trimmed her share target to $39 from $42. Analysts on average target the shares at $39.39. Ms. Price says in a note: "The Canadian telecom space underperformed the broader market in Q1 amid aggressive promotional activity and a shift by investors out of the more defensive sectors. The telecom space was down 7 per cent in Q1, while the TSX ended Q1 up 6 per cent. Given the more competitive telecom environment, we believe that the industry spent more than anticipated on marketing and promotional expenses, and we have revised our Q1 adjusted EBITDA estimates down 2 per cent, on average. We also believe that warmer-than-average weather pulled forward some capex spending, with the cash costs of recent restructurings a factor in the quarter, and the benefits expected to manifest later in 2024. We are 4 per cent below consensus Q1 free cash flow (FCF) estimates, driven by BCE and Telus."