The Globe and Mail reports in its Wednesday, Dec. 10, edition that CIBC World Markets analyst Stephanie Price has upgraded BCE to "outperformer" from "neutral." The Globe's David Leeder writes in the Eye On Equities column that Ms. Price continues to target the shares at $37. Analysts on average target the shares at $36.07. Ms. Price says in a note: "The stock is trading at 6.8 times EBITDA, a 1.2 times discount to its five-year average, the widest variance within our coverage. Post BCE's dividend revision, we forecast a payout ratio of 47 per cent in F27 and expect 11-per-cent FCF growth in F26 as the company continues to execute on its cost-savings initiatives ($1.5-billion in cost savings through F2027E) and reduces Canadian capex. We see upside from BCE's growth businesses (Ziply, Bell business markets, media) as the company executes on its strategy. At current levels we see limited downside risk to BCE and note its wider-than-historical variance to Telus at current levels. ... Looking into 2026, we expect ARPU [average revenue per user] declines to gradually improve, and are forecasting flattish industry wireless service growth at the incumbents and 11-per-cent average FCF growth."