BCE

BCE · TORONTO

$20.40−$0.41 (−1.97%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $20.81

BCE analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 18 analysts

Average $26.60 (+30.4% upside)

Low: $23.00
Now: $20.40
High: $32.87

Upgrades and downgrades

The latest rating actions, newest first

BCE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 13, 2026	Maintains	Equal-Weight	$25.00 → $24.00	100%
B of A Securities	Aug 11, 2026	Upgrade	Underperform → Buy	$24.50 → $27.00	0%
Barclays	Jul 16, 2026	Maintains	Equal-Weight	$26.00 → $25.00	100%
RBC Capital	Mar 17, 2026	Maintains	Outperform	$38.00 → $39.00	55%
Barclays	Nov 10, 2025	Maintains	Underweight	$22.00 → $21.00	100%

The case for and against

Updated Oct 21, 2026

Bull case

BCE is supported by a durable core telecom franchise with 10 million postpaid and nearly 1 million prepaid wireless customers, plus 5 million broadband customers across 13 million homes, giving it scale and resilience in a defensive industry. Its outlook is strengthened by improving Canadian pricing discipline, a 6% dividend yield backed by a payout ratio that is expected to decline to 52% on 2028 estimates, and valuation compression with the stock at about 6.8x 2026E EBITDA versus a 10-year average near 8.0x. Growth catalysts from the 300MW Saskatchewan data centre project, the Merritt AI cloud partnership, and the 2025 acquisition of Ziply Fiber add incremental earnings and strategic optionality while BCE’s largely owned infrastructure helps protect cash flows.

Bear case

BCE is facing a negative setup because its core telecom business is under pressure from heightened competition, regulatory risk, and potential disruption from new technologies, all of which can erode pricing power and free cash flow. Its recent operating performance has not been strong enough to offset these concerns, with 2Q non-GAAP operating margin of 13.8% only slightly above guidance and incremental profitability declining year over year, while shares have already fallen about 13% since early June. Although BCE has expanded through the 2025 Ziply Fiber acquisition and completed the 2025 sale of its 37.5% stake in Maple Leafs Sports and Entertainment, those moves do not eliminate the broader risks tied to weaker demand, macro sensitivity, and the uncertainty around 2026 guidance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.