RE:And Today's G&M: No Sells?I wouldn't put too much weight on Argus Research's opinion. Their CEO was on BNN a few weeks back slamming Newmont management and their Newcrest acquisition and had a hold rating on it as well. At that time, Newmont (NGT on the TSX) was just bouncing off and making new lows around $39.96 and today Newmont hit an intraday high (so far) of $54.46. That's only a 36.3% in about a month so it just goes to show what the crusty old guy at Argus knows.
My guess is Argus is shorting BCE because right now it's an easy target, but BCE is too big to not eventually have their day once the Wallstreet / Baystreet (mostly Wallstreet) shorting gang is off their back.
BCE technicals are trying hard to bottom but it seems they are going to need a good news catalyst before we see a meaningful upward trend develop, so probably sideways trading for a bit yet. The shorters might get this down to $40 yet but if they do I'm pretty sure it won't be there long. Once the Bank of Canada commences rate cuts (likely to start in June) that should be a turning point for BCE unless another positive near term catalyst develops. In the meantime, don't beat yourselves up trying to make sense of it, it's just markets doing what markets do and this too shall pass.
My opinion only, please DYODD.
HB77