Rogers Communications (TSE:RCI.B) Price Target Cut to C$57.50 by Analysts at Canaccord Genuity Group

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price objective reduced by equities researchers at Canaccord Genuity Group from C$58.00 to C$57.50 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 23.98% from the stock’s previous close.

Several other research firms have also recently issued reports on RCI.B. Desjardins reduced their price objective on shares of Rogers Communications from C$59.00 to C$58.00 and set a “hold” rating on the stock in a research report on Wednesday, July 15th. Canadian Imperial Bank of Commerce raised their target price on shares of Rogers Communications from C$61.00 to C$62.00 and gave the company an “outperformer” rating in a research note on Thursday, April 23rd. Scotiabank boosted their price target on shares of Rogers Communications from C$60.50 to C$61.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on shares of Rogers Communications from C$63.00 to C$65.00 in a report on Monday, April 27th. Finally, TD Securities cut 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. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Rogers Communications has a consensus rating of “Moderate Buy” and a consensus price target of C$59.00.

Rogers Communications Price Performance

Shares of TSE:RCI.B traded up C$0.02 during trading on Thursday, hitting C$46.38. 1,087,573 shares of the company’s stock were exchanged, compared to its average volume of 1,952,730. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. Rogers Communications has a 52-week low of C$44.21 and a 52-week high of C$56.27. The business’s 50-day simple moving average is C$49.99 and its 200 day simple moving average is C$50.61. The company has a market cap of C$25.06 billion, a price-to-earnings ratio of 3.56, a PEG ratio of 0.32 and a beta of 0.95.

About Rogers Communications

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.