BCE (BCE) Stock Forecast & Price Target

BCE is supported by a resilient core telecom franchise, with 10 million postpaid and nearly 1 million prepaid wireless customers, 5 million broadband customers, and ownership of most of its extensive infrastructure across Ontario, Quebec, and Atlantic Canada. The positive outlook also rests on improving industry pricing dynamics, a ~6% dividend yield with a healthier payout ratio, and valuation compression, as BCE trades at about 6.8x 2026E EBITDA versus a 10-year average near 8.0x. Further upside comes from data-centre and AI monetization, including the fully contracted 300MW Saskatchewan project expected to generate about $500M of annualized revenue and $400M of EBITDA by the end of 2027, plus Ziply Fiber expanding its footprint to the Pacific Northwest of the US.

BCE is facing a challenged fundamental backdrop because its core wireless and broadband businesses are mature, highly competitive, and concentrated in Ontario, Quebec, and Atlantic Canada, limiting growth while requiring heavy network investment. The acquisition of Ziply Fiber in 2025 expands its footprint into the Pacific Northwest of the US, but that also adds execution risk and integration complexity just as its media segment remains exposed to structural pressure. Although BCE serves 10 million postpaid wireless customers and 5 million broadband customers across about 13 million homes, the mix of slow growth, capital intensity, and diversification outside core telecom supports a negative outlook.