Canaccord Genuity Group Has Lowered Expectations for Rogers Communications (TSE:RCI.B) Stock Price

Key Points

• Canaccord Genuity Group cut its price target on Rogers Communications from C$58.00 to C$57.50 but maintained a buy rating, implying about 24% upside from the current share price.
• Other analysts were mixed but generally constructive: the stock’s consensus rating is still Moderate Buy, with an average price target of C$59.00.
• Rogers shares traded around C$46.38, near the lower end of its 52-week range of C$44.21 to C$56.27, while the company remains Canada’s largest wireless provider with more than 10 million subscribers.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price objective decreased by research analysts at Canaccord Genuity Group from C$58.00 to C$57.50 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 23.98% from the stock's current price.

Other analysts have also recently issued research reports about the company. Desjardins reduced their price objective on Rogers Communications from C$59.00 to C$58.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. Raymond James Financial set a C$68.00 price target on Rogers Communications and gave the company an "outperform" rating in a research note on Thursday, July 16th. Morgan Stanley cut their target price on shares of Rogers Communications from C$50.00 to C$42.00 in a research report on Tuesday. National Bank Financial decreased their price target on shares of Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 7th. Finally, TD upgraded shares of Rogers Communications from a "hold" rating to a "buy" rating and lifted their price target for the stock from C$56.00 to C$60.00 in a research note on Thursday, April 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Rogers Communications presently has an average rating of "Moderate Buy" and an average price target of C$59.00.

Rogers Communications Stock Performance

RCI.B traded up C$0.02 during mid-day trading on Thursday, reaching C$46.38. 1,087,573 shares of the company traded hands, compared to its average volume of 1,952,730. The company's fifty day moving average price is C$49.99 and its 200-day moving average price is C$50.61. The stock has a market capitalization of C$25.06 billion, a P/E ratio of 3.56, a P/E/G ratio of 0.32 and a beta of 0.95. 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 has a 52-week low of C$44.21 and a 52-week high of C$56.27.

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.

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