National Bank upgrades BCE to Outperform, calls it a ‘relatively safer stock’

National Bank upgraded BCE (BCE) to Outperform from Sector Perform with a price target of C$36, up from C$35. The stock has priced in a weak start to a tough 2025 per guidance, but it has yet to reflect opportunities to reduce leverage and its “out-of-whack” payout ratio, the analyst tells investors in a research note. The firm added that BCE looks like a “relatively safer stock” amid Trump-induced market uncertainty, as everyone awaits action by the board and management in response. The firm also argued that the time has come for the company to cut the dividend.