BCE downgraded to Underperform from Neutral at BofA

BofA analyst David Barden downgraded BCE (BCE) to Underperform from Neutral with a price target of C$36, down from C$45, citing 2025 growth headwinds coupled with high leverage. In addition, the dividend is at over 120% of free cash flow at the midpoint of 2024 guidance, notes the analyst. The firm argues that risks are to the downside until BCE can share a plan to address leverage and dividend concerns.