The Globe and Mail reports in its Wednesday, July 9, edition that RBC analyst Drew McReynolds believes the Canadian telecom sector has "moved beyond the trough," thanks to a more constructive wireless pricing environment likely sustained in the second quarter. The Globe's David Leeder writes in the Eye On Equities column that heading into earnings season, Mr. McReynolds warns that any significant recovery in pricing, growth, valuations and sentiment will likely be gradual. Mr. McReynolds says in a note, "We continue to believe the two boxes that Canadian operators must tick in 2025 in order for investor sentiment on the sector to meaningfully improve are progress on renewed wireless pricing discipline and progress with balance sheet delevering." In summarizing his investment thesis for the industry, Mr. McReynolds emphasized "waters remain a little choppy but the storm is abating" with the S&P/TSX Telecom Index having generated a 7-per-cent total return thus far in 2025 compared with 11 per cent for the S&P/TSX Composite. He maintained his $35 target and "sector perform" rating for BCE and $24 target and "outperform" rating for Telus. Analysts on average target the shares at $33.86 and $22.83.