Rogers Communications (TSE:RCI.B) Raised to "Buy" at Desjardins

Key Points

• Desjardins upgraded Rogers Communications to “buy” from “hold” and set a C$58.00 price target, implying approximately 12.82% upside from the prior close.
• Analyst sentiment is broadly positive, with ten analysts assigning “buy” ratings and one a “hold”; the consensus rating is “Moderate Buy” with an average price target of C$59.00.
• Rogers shares rose to C$51.41 during Monday trading. The company’s wireless segment is its largest business, generating about 60% of total sales and serving more than 10 million Canadian subscribers.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI was upgraded by analysts at Desjardins from a "hold" rating to a "buy" rating in a note issued to investors on Monday, BayStreet reports. The brokerage presently has a C$58.00 price target on the stock. Desjardins' price objective points to a potential upside of 12.82% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. National Bank Financial reduced their price objective on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 7th. Royal Bank Of Canada set a C$60.00 target price on Rogers Communications and gave the stock an "outperform" rating in a report on Thursday, July 23rd. TD boosted their target price on Rogers Communications from C$60.00 to C$65.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Raymond James Financial set a C$68.00 price target on Rogers Communications and gave the company an "outperform" rating in a report on Thursday, July 16th. Finally, Morgan Stanley dropped their price objective on shares of Rogers Communications from C$50.00 to C$42.00 in a research note on Tuesday, July 21st. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Rogers Communications has a consensus rating of "Moderate Buy" and an average price target of C$59.00.

Rogers Communications Price Performance

Shares of TSE RCI.B traded up C$1.23 during mid-day trading on Monday, hitting C$51.41. 931,320 shares of the company's stock traded hands, compared to its average volume of 1,945,994. 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 1 year low of C$44.21 and a 1 year high of C$56.27. The company's 50-day moving average is C$48.93 and its two-hundred day moving average is C$50.24. The company has a market capitalization of C$27.77 billion, a P/E ratio of 4.51, a PEG ratio of 0.32 and a beta of 0.97.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.