CIBC Increases Rogers Communications (TSE:RCI.B) Price Target to C$58.00

Key Points

• CIBC has raised the price target for Rogers Communications from C$55.00 to C$58.00, suggesting an 11.11% potential upside based on the stock's previous close.
• Eight analysts have given Rogers Communications a Buy rating, while two have issued a Hold rating, contributing to a consensus rating of "Moderate Buy".
• Rogers Communications is the largest wireless provider in Canada, accounting for 60% of total sales from its wireless business in 2021.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price objective raised by equities researchers at CIBC from C$55.00 to C$58.00 in a research note issued to investors on Friday,BayStreet.CA reports. CIBC's price objective indicates a potential upside of 11.11% from the stock's previous close.

Several other analysts have also weighed in on the company. Canaccord Genuity Group raised their price objective on Rogers Communications from C$52.00 to C$55.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. TD Securities increased their target price on shares of Rogers Communications from C$57.00 to C$58.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Desjardins increased their target price on shares of Rogers Communications from C$51.00 to C$53.00 and gave the stock a "buy" rating in a report on Thursday, October 9th. JPMorgan Chase & Co. upped their price objective on shares of Rogers Communications from C$55.00 to C$59.00 in a research report on Friday, July 25th. Finally, BMO Capital Markets upped their price objective on shares of Rogers Communications from C$55.00 to C$57.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Eight 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, the stock has a consensus rating of "Moderate Buy" and an average target price of C$54.94.

Rogers Communications Price Performance

RCI.B traded down C$0.07 during trading on Friday, hitting C$52.20. 1,577,205 shares of the stock traded hands, compared to its average volume of 1,950,414. Rogers Communications has a twelve month low of C$32.42 and a twelve month high of C$54.45. The business has a 50 day moving average price of C$49.22 and a 200 day moving average price of C$42.48. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. The company has a market cap of C$28.09 billion, a price-to-earnings ratio of 18.71, a PEG 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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