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Mining & Metals

Bell, Saskatchewan Sign Agreement to Expand AI Fabric; Investment Could Top CA$50 Billion

BCE's (BCE.TO, BCE) Bell Canada unit after the market close Monday said it entered into a non-binding initial agreement with the Government of Saskatchewan to expand Bell AI Fabric in Saskatchewan.The project include a phased development of up to 900 megawatts of additional capacity, creating a path to a 1.2 gigawatt Canadian AI infrastructure hub in the province. Bell AI Fabric will also establish a head office for ts national ecosystem in Saskatchewan.At full buildout, total capital investment associated with this project, including data-center infrastructure, tenant compute and related power generation could exceed CA$50 billion, while supporting 800 to 1,200 construction, engineering and technical jobs, and creating up to 600 permanent operations and management roles, Bell said in a statement.BCE shares closed up CA$0.20 to CA$32.59 on Toronto Stock Exchange on Monday.

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Research

BofA Securities Upgrades BCE to Buy From Underperform, Adjusts PT to CA$38 From CA$34

BCE (BCE) has an average rating of overweight and mean price target of CA$36.55, according to analysts polled by FactSet.Price: $23.19, Change: $+0.65, Percent Change: +2.88%

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Mining & Metals

BCE Q2 Adjusted Earnings Top Estimates, Maintains Higher 2026 Capex Plan

BCE (BCE.TO, BCE), the parent company of Bell Canada, edged higher in US premarket trading on Thursday after reporting a 3.2% year-over-year increase in adjusted Q2 earnings to C$0.65 per share from C$0.63 a year earlier.The results topped the FactSet consensus estimate of C$0.64 per share.Operating revenue rose 1.5% to C$6.18 billion, in line with the FactSet consensus estimate.BCE also declared a quarterly dividend of C$0.4375 per common share, payable on Oct. 15 to shareholders of record at the close on Sept. 15.In 2026, the company said it expects capital expenditures to increase by C$1.3 billion over 2025 due to the construction of the Saskatchewan AI data center, resulting in a higher capital intensity ratio.The company's shares were last up almost 1% in US premarket trading on Thursday after closing down 0.3% on the Toronto Stock Exchange on Wednesday.

$BCE$BCE.TO
Research

Raymond James Initiates BCE at Market Perform With CA$37 Price Target

BCE (BCE) has an average rating of overweight and mean price target of CA$36.55, according to analysts polled by FactSet.

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Research

TD Cowen Upgrades BCE to Buy From Hold, Price Target is CA$37

BCE (BCE) has an average rating of overweight and mean price target of CA$37.16, according to analysts polled by FactSet.

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Wire

BCE's Bell Canada Prices $1.04 Billion Debt Tender Offers

BCE's (BCE) Bell Canada said Thursday it priced its cash tender offers for five series of medium-term debentures and will purchase about 1.45 billion Canadian dollars ($1.04 billion) of notes.The company will buy all tendered amounts of its 4.35% 2045, 4.45% 2047, 5.15% 2028, 6.55% 2029 and 2.50% 2030 debentures.Bell said the financing condition for the offers was satisfied following the closing of its C$1.6 billion medium-term note offering. Settlement is expected on Friday.Price: $23.93, Change: $-0.59, Percent Change: -2.39%

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Wire

BCE Seen Having Improved Long-Term AI Solutions Growth Outlook, RBC Says

BCE (BCE) has an increasingly positive long-term growth outlook for AI-powered solutions within Bell Business Markets, RBC Capital Markets said.Management believes wireless pricing and promotional activity normalized in April through mid-May, with such normalization expected to continue through 2026 as the company focuses on the Bell brand, bundling, and product intensity, the investment firm said in a Monday research report.The company indicated that momentum continues to build toward its CA$2 billion revenue target for AI-powered solutions by 2028 as it remains committed to disciplined capital deployment into Bell AI Fabric.The company is fully incentivized to maximize free cash flow and meet de-levering targets, according to the note.RBC reiterated its outperform rating on the stock with a price target of CA$39 ($28.33).Shares of BCE were up 1.4% in Tuesday trading.Price: $24.15, Change: $+0.33, Percent Change: +1.39%

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Research

Research Alert: Bce Reports Better-than-expected Q1 Results On Ai-powered Businesses

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BCE reported Q1 2026 revenue growth of 4.0% to $6,168M, supported by the Ziply Fiber acquisition, despite a 56.1% dividend reduction to $0.4375. Adjusted EPS of $0.63 beat the consensus of $0.58 but declined 8.7%, as adjusted EBITDA grew 2.9% to $2,631M with margin compression of 40 bps to 42.7%. The Ziply acquisition contributed $234M in revenue and $102M in EBITDA, demonstrating strategic value for BCE's growth opportunities. Management is targeting $1.5B in cost savings by 2028 with capital reallocation flexibility between Canadian and U.S. operations. Wireless showed improved competitive positioning with 16,947 postpaid net additions versus 9,598 losses in Q1 2025, while broadband performance was strong with 17,782 high-speed Internet net additions compared to 3,744 in the prior year. We will listen for updates on cost transformation, regulatory changes impacting fiber resale mandates, and digital media growth on the call.

$BCE
Research

Research Alert: Bce Reports Better-than-expected Results On Ai-powered Businesses

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BCE reported Q1 2026 revenue growth of 4.0% to $6,168M due to the Ziply Fiber acquisition, despite a significant 56.1% dividend reduction to $0.4375. Adjusted EPS of $0.63 beat the consensus of $0.58 but declined 8.7% Y/Y as adjusted EBITDA grew 2.9% to $2,631M with margin compression of 40 bps to 42.7%. The Ziply acquisition contributed $234M in revenue and $102M in EBITDA, demonstrating strategic value in expanding BCE's growth opportunities. Management is targeting $1.5B in cost savings by 2028 and emphasizing capital reallocation flexibility between Canadian and U.S. operations. Wireless showed improved competitive positioning with 16,947 postpaid net additions versus 9,598 losses in Q1 2025, while broadband performance was notably strong with 17,782 high-speed Internet net additions compared to 3,744 in the prior year. We will listen for updates on cost transformation progress, regulatory changes, and digital media initiatives on the upcoming call.

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