Rogers Communications (TSE:RCI.B) Upgraded to “Buy” at TD

Rogers Communications (TSE:RCI.B) (NYSE:RCI) was upgraded by analysts at TD from a “hold” rating to a “buy” rating in a research report issued on Thursday,BayStreet.CA reports. The brokerage currently has a C$60.00 target price on the stock, up from their prior target price of C$56.00. TD’s target price points to a potential upside of 17.69% from the company’s current price.

Several other research analysts have also recently commented on the stock. Scotiabank reduced their target price on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating for the company in a report on Tuesday, January 20th. National Bank Financial increased their target price on shares of Rogers Communications from C$60.00 to C$62.00 and gave the stock an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. reduced their target price on shares of Rogers Communications from C$65.00 to C$63.00 in a report on Wednesday, April 1st. TD Securities cut shares of Rogers Communications from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$65.00 to C$56.00 in a report on Thursday, April 2nd. Finally, Scotia upgraded Rogers Communications from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from C$57.75 to C$60.50 in a research note on Thursday. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$58.33.

Rogers Communications Stock Down 0.4%

RCI.B traded down C$0.23 during trading hours on Thursday, hitting C$50.98. 970,288 shares of the company’s stock were exchanged, compared to its average volume of 1,860,922. Rogers Communications has a 1-year low of C$34.19 and a 1-year high of C$56.27. The stock’s 50-day moving average is C$51.48 and its two-hundred day moving average is C$51.72. The stock has a market cap of C$27.54 billion, a price-to-earnings ratio of 4.00, a PEG ratio of 0.32 and a beta of 0.96. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50.

Rogers Communications Company Profile

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers’ cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers’ media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.