The Globe and Mail reports in its Wednesday edition that Canaccord Genuity analyst Aravinda Galappatthige has lowered his recommendation for BCE to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Galappatthige's share target tumbled $10 to $41. Analysts on average target the shares at $47.56. Mr. Galappatthige says in a note: "BCE's proposed acquisition of Ziply, in our view, is likely to place incremental near-term pressure on the investment thesis on a number of fronts, including lower FCF generation over the next three years, delayed easing in balance sheet leverage, and the incremental dilution from the DRIP introduction (we estimate almost $1B in new equity annually). While we recognize the longer-term strategic case, we also believe that the market will take a while to digest the 14.3 times 2025E multiple, especially considering the heavy capex phase over the next three to four years. Notwithstanding the longer-term growth opportunities the U.S. fibre space opens up for BCE, we believe that the stock is likely to focus more on FCF generation and derisking of the thesis through balance sheet management over the next 12 to 18 months, given the conditions in the local market."