BCE Inc. (BCE.TO) was upgraded to Buy from Hold at TD Securities on Thursday.
Analyst Vince Valentini maintained a price target of $37 on shares of the Canadian media and telecom company.
"BCE shares have declined approximately 13% since early June, a move we believe has been driven largely by headline risk around potential SpaceX/Starlink disruption," Valentini said in a note to clients.
"We continue to believe the company's long-term fundamentals and dividend are intact, and we expect incremental DC contract announcements over the next few months," the analyst said.
The analyst said BCE's Q2 results on August 6 should be a "non-event" with no changes expected in 2026 guidance, and some one-time item headwinds "that can be easily explained".