The Globe and Mail reports in its Tuesday, June 27, edition that National Bank Financial analyst Adam Shine has reaffirmed his "sector perform" recommendation for BCE. The Globe's David Leeder writes that Mr. Shine's share target fell by a loonie to $62. Analysts on average target the shares at $65.27. Mr. Shine expects BCE to continue to benefit from wireless-sector tailwinds with a "further boost from elevated immigration levels." However, seeing slowing growth in wireline subscriptions and other "pressures," including a further drop in advertising for its radio and television stations, he lowered his earnings expectations for both 2023 and 2024. Mr. Shine says in a note: "Reductions to 2023/2024 estimated EBITDA trumped valuation being pushed out six months and now being based on averages of 2023/2024 DCF and 2024/2025 NAV, with implied EV/EBITDA 8.8 times 2023 and 8.5 times 2024 (ex future spectrum). 2H EBITDA needs to grow by approximately 5 per cent to hit our/Street's 2023 estimate (up 2.5 per cent year-over-year), as we await 2H promotional activity starting with back-to-school later this summer. ... We expect residential revs to show less growth than 1Q given rate hikes in January this year."