The Globe and Mail reports in its Friday, Jan. 3, edition that National Bank Financial analyst Adam Shine adjusted his valuations for Canadian telecom stocks due to recent tax-loss selling and his 2025 outlook ahead of upcoming quarterly reports. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shine says since the Shaw/Freedom deals closed on April 3, 2023, BCE's stock has fallen 45 per cent, losing nearly $25-billion in market cap. Rogers is down 29.5 per cent or $7.8-billion, Telus has decreased by 27.4 per cent or $11-billion and Quebecor is down 5.7 per cent or $300-million. In contrast, Cogeco has gained 2.3 per cent, adding $100-million in market cap. The degree and timing of any share appreciation will likely depend on the 2025 outlooks that are yet to be released, along with any indication of pricing discipline that was set aside, particularly in wireless, almost two years ago. Accordingly, Mr. Shine gave his BCE share target a $2 trim to $35. Analysts on average target the shares at $40.60. Mr. Shine says in a note, "We reduced the multiple we use for wireless in our NAV by 25 basis points to 6.5 times given competitive pressures and raised the beta in our DCF 5 bps to 1.20."