Quebecor's Q2 profit falls on charges, but company beats expectations

MONTREAL - Quebecor Inc. has posted lower second-quarter net profit due to certain one-time charges, but met or exceeded analyst expectations.Following the announcement, Scotia Capital Research’s analyst Jeff Fan reiterated the company’s one-year target price of $45 a share on improving EBITDA and cash flow trend going into 2012. Class B shares of the Montreal-based company rose 7%, passing the $30 mark, boosted by the earnings news and plans that Quebecor would buy back roughly 10% of its outstanding stock. Yesterday, TVA Group Inc., a division of Quebecor, also announced it will suspend its dividend payments as the broadcaster spends...