Argus analyst John Eade upgraded BCE to Buy with a price target of $48, citing the company's position as the largest communications entity in Canada and his expectations of consistent income for investors. The analyst notes that BCE has managed to generate sales and earnings growth in spite of the "intense competition in its core wireless and wireline markets" with a focus on reducing churn through customer service and on managing expenses. Eade further cites the company's current valuation below the high end of its historical earnings multiple bands, forecasting stock returns of 12%-15% over the next 12 months.