Canaccord Genuity Group Increases Rogers Communications (TSE:RCI.B) Price Target to C$55.00

Key Points

• Canaccord Genuity Group raised its price target for Rogers Communications from C$52.00 to C$55.00, indicating a potential upside of 8.95% from the current stock price.
• Rogers Communications has received multiple upgrades from other analysts, with price targets reaching as high as C$59.00 from National Bankshares and C$58.00 from TD Securities, all maintaining a general "buy" or "outperform" rating.
• The company's stock is currently trading at C$50.48 with a market capitalization of C$27.16 billion, while more than 60% of its total sales come from its wireless business.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price target raised by analysts at Canaccord Genuity Group from C$52.00 to C$55.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 8.95% from the stock's current price.

A number of other equities research analysts have also recently weighed in on the company. TD Securities lifted their price target on Rogers Communications from C$57.00 to C$58.00 and gave the company a "buy" rating in a report on Thursday, July 24th. National Bankshares set a C$59.00 price target on Rogers Communications and gave the company an "outperform" rating in a report on Tuesday, August 12th. Scotiabank lifted their price target on Rogers Communications from C$51.50 to C$54.26 and gave the company a "sector perform" rating in a report on Monday, September 8th. BMO Capital Markets lifted their price target on Rogers Communications from C$55.00 to C$57.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Rogers Communications from C$55.00 to C$59.00 in a report on Friday, July 25th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of C$54.69.

Rogers Communications Stock Performance

RCI.B stock traded up C$0.88 during midday trading on Thursday, reaching C$50.48. The company had a trading volume of 1,021,490 shares, compared to its average volume of 1,948,709. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. The stock has a 50 day moving average price of C$48.57 and a 200 day moving average price of C$41.97. Rogers Communications has a fifty-two week low of C$32.42 and a fifty-two week high of C$54.45. The firm has a market capitalization of C$27.16 billion, a PE ratio of 18.09, a P/E/G ratio of 0.32 and a beta of 0.98.

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.

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