The Globe and Mail reports in its Friday, Dec. 13, edition that National Bank Financial analyst Adam Shine has reaffirmed his "sector perform" recommendation for BCE. The Globe's David Leeder writes that Mr. Shine gave his share target a $4 trim to $37. Analysts on average target the shares at $42.56. Mr. Shine says in a note: "It remains to be seen how Ziply Fiber buy will pan out, but risks are real as U.S. telecom competition intensifies. Canadian competitive dynamics triggered estimate revisions through 2024 and this could continue into next year. Though BCE has pointed to an unchanged dividend in 2025 and new 2-per-cent DRIP discount will help partly fund its U.S. acquisition and reduce payout by 30 per cent, investor questions persist as to future of dividend post-2025. A cut of at least 25 per cent in 2026 would help address this lingering issue and allow DRIP discount to be eliminated along with related dilution." The Globe reported on June 27 and Oct. 2 that Mr. Shine rated BCE "outperform" and "sector perform." BCE shares were then worth $44.61 and $46.49. The Globe reported on Dec. 4 that TD Cowen analyst Vince Valentini had reaffirmed his "hold" recommendation for BCE, which was then worth $37.79.