BCE (BCE.TO) was upgraded to buy from underperform by BofA Securities on Tuesday on the outlook for revenue from a data center under construction in Saskatchewan and its Ziply Fiber internet unit.
The price target was raised to C$38 from C$34. "Our conviction rests on improving permitting, strong US, fiber gross additions and growing visibility into growing contracted data-center revenue," BofA Securities said in a note.
In March, BCE said the Saskatchewan project will be the "largest purpose-built AI data centre development anywhere in Canada."
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