07:47 AM EST, 11/08/2024 (MT Newswires) -- RBC Capital Markets lowered its price target on BCE Inc. (BCE.TO, BCE) to $45 from $47.
Analyst Drew McReynolds maintained a Sector Perform rating on shares of the Canadian media and telecom company following its Q3 results.
"Notwithstanding near-term NAV dilution, we believe the Ziply acquisition along with the pause in dividend growth and institution of the DRIP do provide incremental visibility around the balance sheet trajectory and dividend sustainability, and reinforces management's fibre-first strategy," McReynolds said in a note to clients.
"While we continue to believe BCE is well equipped to navigate a slower revenue environment leaning on a scale advantage..., we look for more timely entry points with the closing of the MLSE and Ziply transactions, an associated uptick in revenue and EBITDA growth, and greater progress in tracking towards targeted dividend payout and leverage ratios potential catalysts for the stock."