National Bank cuts target for BCE stock to CAD 36.00 from CAD 38.00

Published on 10/01/2026 at 22:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BCE stock had six Buy ratings and five Holds. Second-quarter 2026 revenue was USD 4.35 billion and earnings per share USD 0.47 versus USD 0.46 consensus.

BCE, CA05534B7604, Illustration mit AI erstellt.

National Bank cut BCE's price target from CAD 38.00 to CAD 36.00 while maintaining an Outperform rating, TradingView reported on October 1, 2026. The reduction equals 5.26 percent and makes the latest analyst action the clearest fresh reference point for BCE stock.

Target cut sets the tone

The revised CAD 36.00 target remains materially above the level cited in the latest US market snapshot, but the direction of the estimate is negative. National Bank's maintained Outperform rating therefore leaves a more nuanced signal than the target reduction alone.

Second-quarter cash flow exceeds USD 1 billion

BCE's operating figures provide the counterweight. ScanX News reported on September 17, 2026 that second-quarter 2026 consolidated revenue increased 1.50 percent year over year, adjusted EBITDA grew 1.00 percent and free cash flow exceeded USD 1.00 billion. The adjusted EBITDA margin held at 43.80 percent, showing that modest top-line growth was paired with stable profitability.

The same report said adjusted earnings per share rose by USD 0.02 to USD 0.65 in the second quarter of 2026. Bell Media revenue increased 8.90 percent, while Crave subscribers grew 23.00 percent to 5.10 million, giving BCE a faster-growing media component alongside its mature telecom base.

NYSE low highlights the valuation gap

On October 1, 2026, BCE traded as low as USD 20.12 on the NYSE and last traded at USD 20.36, versus a prior close of USD 20.14. The market capitalization stood at USD 19.0 billion on the same date, while the CAD 36.00 target from National Bank points to a substantially different valuation frame than the latest quoted US price.