TD Securities analyst Vince Valentini upgraded BCE (BCE) to Buy from Hold with an unchanged price target of C$37. The firm cites valuation for the upgrade, saying the 13% selloff since early June is not justified and provides an attractive entry point. The pullback has been driven by headline risk around potential Starlink disruption from SpaceX (SPCX), the analyst tells investors in a research note. TD thinks any wireline broadband share loss to Starlink would be "gradual and manageable" for BCE. It believes the company's long-term fundamentals and dividend are intact, and expects incremental data center contract announcements over the next few months.
