Toronto, Jan 15, 2026, 10:58 EST
- RBC Capital Markets nudged up its price target for BCE to C$38 from C$37, maintaining its Outperform rating.
- Both Scotiabank and Desjardins cut their targets for BCE but kept their positive ratings intact.
- In Toronto’s morning session, BCE shares hovered near C$33.6.
RBC Capital Markets bumped up its price target on BCE Inc to C$38 from C$37 on Tuesday, maintaining its Outperform rating. The upgrade reflects expectations for a boost in operating growth next year. BCE shares were trading near C$33.6 on the Toronto Stock Exchange Thursday morning.
BCE’s three-year forecast has become the linchpin of the story: growth either bounces back in 2026, or the stock remains stuck at a low valuation. In Canada, many investors still see BCE as a reliable dividend play, so any change in cash-flow expectations spreads quickly.
Targets have shifted in opposite directions, yet the mood remains steady. Scotiabank and Desjardins both trimmed their forecasts earlier this week but stuck to optimistic ratings. Investors are left with the usual divide: value looks attractive to some, while others fret over balance-sheet strength and execution risks.
RBC projects underlying revenue and adjusted EBITDA will pick up again starting in 2026. Adjusted EBITDA, which excludes interest, taxes, depreciation, and amortization, is often adjusted by firms and analysts to highlight core operating results.
The bank highlighted key growth drivers like Ziply, enterprise services, and Bell Media. It added that BCE’s 2026–2028 outlook might boost earnings visibility compared to Canadian peers, potentially leading to modest “multiple expansion” — where investors assign a higher valuation to the same earnings.
On Monday, Scotiabank analyst Maher Yaghi lowered his price target to C$40.75 from C$41.50 but maintained an Outperform rating, MarketBeat reported in a note shared on TipRanks.
On Monday, Desjardins cut its price target for BCE to C$41 from C$42 but kept a buy rating, MarketBeat reported. At that time, MarketBeat valued BCE at about C$33 and flagged the company’s heavy leverage, noting a debt-to-equity ratio near 226.7 and a slim net margin of roughly 1.1%.
Desjardins Securities analyst Jerome Dubreuil views the upcoming guidance update as an early checkpoint for BCE’s three-year EBITDA growth target of 2% to 3%. He described himself as “constructive on the name given the compelling Ziply expansion opportunity, improving operations in Canada, better visibility and an attractive relative valuation.” https://www.stockwatch.com/News/Item/Z-C%2…
That upside, however, hinges on execution rather than numbers alone. If the anticipated 2026 growth acceleration fails to materialize in guidance or earnings, it’s tough to justify investors paying a premium for BCE, despite targets remaining well above its current share price.
BCE, Rogers, and Telus lead Canada’s telecom market, and the recent target revisions highlight brokers’ shifting stances heading into 2026. According to TipRanks data, BCE’s price targets still vary considerably, even though a majority of analysts maintain buy-equivalent ratings.
