UPDATE: BMO Capital Markets Upgrades BCE on Growing Uncertainty with Wireless Competition

In a report published on Thursday, BMO Capital Markets analyst Tim Casey upgraded BCE BCE from Market Perform to Outperform and lowered the price target on the company from $47 to $45.

In the report, BMO Capital Markets stated, "There is growing uncertainty regarding wireless competition that we believe is causing a re-rating of incumbent wireless businesses. As such, we are upgrading shares of large incumbent providers with relatively low exposure to wireless. On a consolidated basis, BCE derives ~30% of consolidated EBITDA from wireless, vs. ~65% for TELUS and ~63% for Rogers Communications."

BCE closed on Wednesday at $39.76.