The Globe and Mail reports in its Wednesday, Dec. 4, edition that TD Cowen analyst Vince Valentini has reaffirmed his "hold" recommendation for BCE. The Globe's David Leeder writes that Mr. Valentini gave his share target a $2 trim to $37. Analysts on average target the shares at $43.09. Mr. Valentini says in a note: "Lower wireless ARPU/EBITDA makes debt leverage and the dividend payout ratio even tougher to manage, plus we believe that any future non-core asset sales will likely be reinvested into more growth oriented acquisitions (most likely more FTTH J-curve assets in the U.S.). We now assume a 25-per-cent dividend cut in 2026, to approximately $3, which would represent a payout ratio of 93 per cent on TD Cowen definition FCF for 2026, and it would represent a yield of 7.9 per cent on the current share price. We believe the current $4 dividend will continue to be paid through the end of 2025, with cash flow support from estimated DRIP participation of 35 per cent. Our EBITDA estimate for 2025 has been lowered to $10.62-million from $10.66-million. Our estimate appears to be quite a bit below consensus ($10.76-million), but we suspect that consensus has some estimates that include Ziply for part of 2025."