01:22 PM EDT, 04/08/2025 (MT Newswires) -- UBS expects Canadian telcos' first-quarter results to reflect competition and lower overall industry volumes due to slowing immigration.

UBS estimates industry phone (postpaid and prepaid) growth slowed to 4.1% vs. 4.3% last quarter and ~5% this time last year. The analysts expects churn to improve while average revenue per user (ARPU) declines to remain similar at -2%.

"Amid rising macro uncertainty, we still view Canadian telecom as relatively defensive given contractually based revenue streams/more recession resistant end-user demand but we generally prefer U.S. telecom to Canada given competitive dynamics."

Rogers is rated Buy, with a $63 target.

BCE is rated Neutral; with a $34 target.

Telus ( TU ) is rated Neutral, with a $21 target.

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