Morgan Stanley Cuts Rogers Communications (TSE:RCI.B) Price Target to C$42.00

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its target price lowered by Morgan Stanley from C$50.00 to C$42.00 in a research note issued on Tuesday,BayStreet.CA reports. Morgan Stanley’s price target would suggest a potential downside of 12.86% from the company’s previous close.

RCI.B has been the subject of several other research reports. Scotia raised shares of Rogers Communications from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from C$57.75 to C$60.50 in a research report on Thursday, April 23rd. National Bank Financial lowered their price objective on shares of Rogers Communications from C$63.00 to C$62.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Raymond James Financial set a C$68.00 price objective on shares of Rogers Communications and gave the company an “outperform” rating in a research note on Thursday, July 16th. TD Securities cut shares of Rogers Communications from a “buy” rating to a “hold” rating and reduced their price objective for the company from C$65.00 to C$56.00 in a report on Thursday, April 2nd. Finally, Canaccord Genuity Group boosted their target price on shares of Rogers Communications from C$55.00 to C$58.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$58.65.

Rogers Communications Stock Down 1.7%

Shares of TSE RCI.B traded down C$0.82 during midday trading on Tuesday, hitting C$48.20. 674,194 shares of the stock traded hands, compared to its average volume of 1,936,367. The company has a market cap of C$26.04 billion, a PE ratio of 3.70, a P/E/G ratio of 0.32 and a beta of 0.95. Rogers Communications has a one year low of C$44.21 and a one year high of C$56.27. The business has a 50 day moving average price of C$50.07 and a two-hundred day moving average price of C$50.68. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

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.