BCE Downgraded to Sector Perform, Target Trimmed to $48, at National Bank
MIDNIGHTTRADER - Updated just now
02:51 PM EDT, 09/30/2024 (MT Newswires) -- BCE has been downgraded to Sector Perform (from Outperform) with price target cut to $48 (from $52) at National Bank.
In his third quarter preview of BCE, National Bank analyst Adam Shine is forecasting revenue of $5,997 million, EBITDA $2,700 million, Adj. EPS $0.75 & FCF $830 million after cutting his estimates which were above Street.
"While we have higher Media expectations given easy comp (Hollywood strike last year), ad boost from Euro 2024 and carriage rate agreements, we now expect even weaker ARPU and loading metrics for CTS [communication and technology segment] amid ongoing competitive industry pricing tactics," Shine notes.
With elevated competitive intensity persisting in Wireless and Bell still aggressively pricing fibre Internet offers, service revenue growth is slowing faster than expected, Shine adds. "Despite a dividend positioned to be safe, we see muted upside to our new target and have thus downgraded our rating."
Price: 47.02, Change: -0.52, Percent Change: -1.09
Don't forget you got to be shuffling....
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