The Globe and Mail reports in its Friday, Feb. 6, edition that Desjardins Securities analyst Jerome Dubreuil has reiterated his "buy" recommendation for BCE. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dubreuil cut his share target back by a loonie to $40. Analysts on average target the shares at $37.37. Mr. Dubreuil says in a note: "Amid the market's rotation toward tangible assets and increased market volatility, telecom companies offer defensive properties. That said, we are concerned by the increase in promotional activities in recent weeks. We nonetheless believe telecom investors -- who typically focus on FCF -- will view BCE's FCF growth story favourably." The Globe reported on Oct. 10, Dec. 11 and Jan. 13 that Mr. Dubreuil had reaffirmed his "buy" recommendation for BCE when the shares were going for $23.90, $23.40 and $23.72. The Globe reported on Jan. 28 that Barclays analyst Lauren Bonham had elevated her recommendation for BCE to "equal weight" from "under-weight." The shares were then going for $34.31.