The Globe and Mail reports in its Friday edition that National Bank Financial analyst Adam Shine has upgraded BCE to "outperform" from "sector perform." The Globe's David Leeder writes that Mr. Shine continues to target the shares at $60. Analysts on average target the shares at $62.25. The Globe says Mr. Shine thinks a near-term bottom for shares of BCE may have been reached. The Globe says Mr. Shine is impressed by the company's dividend yield. Following a recent period of steep share price depreciation, Mr. Shine thinks a "confluence of negativity" has now been priced into both BCE stock as well as the broader sector. Mr. Shine says in a note: "We acknowledge that a 7.2-per-cent yield would point the shares toward $53.75 and represent another 1.9 per cent lower. That said, BCE shares have already dropped more than 16 per cent since May 2, with the market cap loss at around $9.7-billion. Rates may yet go higher in Canada and further impact high-yielding stocks, but the rate-hike cycle appears closer to a conclusion even if rates may stay higher for longer than some might have otherwise anticipated." The Globe reported on June 27 that Mr. Shine continued to rate BCE "sector perform." It was then worth $58.91.