The Globe and Mail reports in its Thursday, June 27, edition that National Bank analyst Adam Shine is sticking with his "outperform" recommendation for BCE. The Globe's David Leeder writes that Mr. Shine tweaked his share target down to $50 from $52. Analysts on average target the shares at $50.06. The Globe reports that Mr. Shine has revised down his second quarter forecast for BCE. He anticipates "solid" wireless additions but emphasizes that average revenue per user is expected to be "worse" and churn higher. Mr. Shine says in a note: "Immigration keeps subscriber loading at robust levels, but competitive intensity remains elevated and more aggressive promotions return in final month each quarter. ... While we have higher media expectations given a likely advertising boost from evolving Euro 2024, we now expect even weaker wireless ARPU amid ongoing competitive industry pricing tactics that seem excessive and are [undermining] growth. We anticipate restructuring savings of more than $35-million after $16-million in Q1, as workforce reductions should step-up in 2H and savings build to $250-million run-rate ($150-million to $200-million in 2024). Rest of amount owed ($414-million) for 3800 MHz spectrum paid on May 29."