01:25 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target by $13 to $37, 16.7x our '24 EPS estimate, a discount to its three-year forward average P/E at 17.7x, reflecting our slower growth outlook. We trim our '24 EPS estimate by CAD0.06 to CAD3.04 and lower '25's by CAD0.20 to CAD3.14. BCE reported Q1 operating EPS of CAD0.72 vs. CAD0.85, CAD0.02 above the consensus. Q1 revenue fell 0.7%; results were 1) driven by a 7.1% decline in the Bell Media segment due to lower subscriber revenue; 2) partially offset by 0.1% growth in the Bell CTS segment driven by 0.5% growth in service revenue on expansion of its mobile phone and retail Internet subscriber base; and 3) partially offset by a 1.6% decline in equipment revenue due to lower sales to large enterprise customers. BCE reported 45k postpaid phone subscriber additions with 20k prepaid losses and flat average revenue per user. While we see results as solid considering the environment BCE is operating in, we are concerned that competition within the wireless market continues to intensify.