Canadian Telecom Shares Fall as Analyst Warns of Price Wars

Shares of Canada’s biggest telecommunications firms dropped Thursday after analysts doubled down this week, warning price wars and slowdown in subscriber growth risked hurting sales and profits.

At TD Cowen, analyst Vince Valentini cut recommendations on BCE Inc., Telus Corp. and Rogers Communications Inc. to hold from buy because he expects these firms to continue to keep prices down after an aggressive first quarter, which would weigh on revenues.