01:56 PM EST, 12/09/2025 (MT Newswires) -- CIBC expects the average revenue per user (ARPU) for the telecoms industry to gradually improve, and is forecasting "flattish" industry wireless service growth and 11% average FCF growth.

Quebecor (QBR-B.TO), CIBC's best idea, is winning an increasing share of wireless net adds (30% share in Q3). "W]ith 12% overall market share, we see a long runway for Quebecor to continue to drive market share gains." Analyst Stephanie Price is expecting 7% wireless service revenue growth at Quebecor in 2026 versus a forecast of flat growth at the incumbents.

In the current environment, CIBC's top picks are: 1) Quebecor; 2) Rogers (RCI-B.TO) as it benefits from increased sports valuations and looks to monetize a portion of MLSE; and, 3) Telus ( TU ) as it drives industry-leading EBITDA and FCF growth.

Price is upgrading BCE to outperformer from neutral, with an unchanged target of $37, viewing BCE as attractively valued at current levels.

Price: 50.38, Change: -0.67, Percent Change: -1.31