Barclays’ Kannan Venkateshwar cut his targets for BCE Inc. (BCE-T +0.22% increase, “equalweight”) to $48 from $52 and Rogers Communications Inc. (RCI-B-T +0.19% increase , “overweight”) to $63 from $70. The average targets on the Street are $53.40 and $74.07, respectively.
“The tough competitive phase in Canadian telecom will likely be painful for operators to dig out of, and the worst may not be over,” he said.