The Globe and Mail reports in its Friday, July 24, edition that Desjardins Securities analyst Maher Yaghi has cut his rating on BCE ($52.19) to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Yaghi did not change his price target of $61. Analysts on average target the shares at $56.16. Mr. Yaghi says the decision announced Wednesday by Canada's telecom regulator that the country's largest Internet providers must open access to their latest fibre-based services to their independent peers will "predominately affect" BCE. The analyst says BCE's exposure to Quebec and Ontario leaves it particularly vulnerable. Mr. Yaghi believes the impact of the Canadian Radio-television and Telecommunications Commission will not be as drastic for most cable companies as there will not be a need to put down fibre in the short and medium term. He says: "We do not believe that the ruling will slow down fibre investment, but it will likely reduce the [internal rate of return] for incumbent local exchange carriers over the long term. Pricing will be calculated using a cost-plus approach, which is generally more favourable for incumbents than a retail-minus approach."