BCE (BCE) Stock Forecast & Price Target

BCE is supported by a diversified mix of wireless, wireline, Ziply Fiber, Bell Media, and enterprise AI initiatives that should drive a gradual re-acceleration in revenue and adjusted EBITDA beginning in 2026, while its ~6.7x FTM EV/EBITDA valuation leaves room for modest multiple expansion. Wireless fundamentals are improving as monthly recurring revenue on new postpaid activations rose +11% YoY, churn fell to 1.06%, and management sees a potential mid-2027 inflection for network revenue and ARPU growth, with additional support from a healthier Canadian pricing backdrop. On the growth side, Ziply’s Q3/26 revenues of $238MM and 39.9% adjusted EBITDA margin, plus Bell Business Markets’ +9.2% revenue growth and +41% AI-powered solutions growth, reinforce earnings visibility and underpin the positive outlook.

BCE is facing a negative fundamental setup because its downside case depends on weaker Internet growth, deterioration in legacy Bell Business Markets, and renewed pressure on wireless postpaid churn and ARPU, all of which would slow wireline data growth and erode profitability. The company also faces multiple structural risks, including stronger wireless competition, an inability to gain further Internet share, limited room for additional annual cost savings to support Bell CTS EBITDA growth, and heavier substitution away from telephony and television. Added pressure from potential irrational pricing and higher interest rates could further compress valuation multiples, while BCE’s broad footprint of 10 million postpaid wireless customers and 5 million broadband customers still leaves it exposed to slowing demand and margin compression.