The Globe and Mail reports in its Friday, Oct. 27, edition that National Bank analyst Adam Shine thinks shares of Canadian telecommunications companies likely hit a bottom in early October with the surge in yields. The Globe's David Leeder writes that Mr. Shine, updating his net asset valuation assumptions, cut his share target for BCE, which he rates "outperform," to $56 from $60. Analysts on average target the shares at $59.08. Mr. Shine says in a note: "We can't ignore the possibility of another rate hike or know for sure when potential cuts may arise in 2024, but we are working our way into the reporting of 3Q results in November which shouldn't offer material negative surprises, moving nearer to 4Q reporting in February when 2024 guidance will be provided, and all the while getting progressively closer to seeing more light at the end of this rate-hiking cycle. Additionally, we'll have clarity next month on the amount of spending that was done in the 3800 MHz spectrum auction which began Oct. 24 and whose related outlays will likely occur in 4Q or 1Q24 and 2Q24." The Globe reported on June 27 and Aug. 25 that Mr. Shine rated BCE "sector perform" and "outperform." It was then worth $58.91 and $56.19.