The Globe and Mail reports in its Friday, July 10, edition that RBC Dominion Securities analyst Drew McReynolds thinks Canada's telecommunications industry is battling through another "transition" year in 2026, but he sees a "better setup" for the two years ahead. The Globe's David Leeder writes in the Eye On Equities column that Mr. McReynolds says in a note: "We continue to expect the revenue recovery for the industry in 2026 to remain gradual reflecting minimal population growth, elevated Q1/26 wireless promotional activity, regulatory headwinds, ongoing substitution and a sluggish Canadian economy. Until proven otherwise, what looks to be a maturing Canadian telecom industry warrants heightened emphasis on lowering the cost to serve to drive FCF, improve ROIC and enhance capital returns. On a more positive note, we see the potential for a better set-up to emerge in 2027 and 2028 reflecting the culmination of: (I) renewed population growth in Canada; [and] (ii) further delevering progress resulting in healthier Big 3 balance sheets." Mr. McReynolds has reaffirmed his "outperform" call for BCE. He gave his share target a $3 trim to $36. Analysts on average target the shares at $37.98.