Desjardins Cuts Rogers Communications (TSE:RCI.B) Price Target to C$58.00

Key Points

• Desjardins lowered its price target on Rogers Communications to C$58.00 from C$59.00 while keeping a hold rating, implying roughly 22% upside from the prior close.
• Other analysts have been mixed but generally positive: several firms trimmed or raised targets, and the stock currently has a Moderate Buy consensus with an average target price of C$58.54.
• Rogers shares rose to C$47.56 in Wednesday trading, and 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 target dropped by equities researchers at Desjardins from C$59.00 to C$58.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage presently has a "hold" rating on the stock. Desjardins' target price would indicate a potential upside of 21.95% from the company's previous close.

A number of other brokerages have also weighed in on RCI.B. National Bank Financial cut their price objective on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a report on Tuesday, July 7th. Canaccord Genuity Group lifted their target price on Rogers Communications from C$55.00 to C$58.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Royal Bank Of Canada dropped their target price on Rogers Communications from C$63.00 to C$60.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. TD raised shares of Rogers Communications from a "hold" rating to a "buy" rating and raised their price target for the stock from C$56.00 to C$60.00 in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Rogers Communications from C$63.00 to C$65.00 in a research note on Monday, April 27th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Rogers Communications currently has a consensus rating of "Moderate Buy" and an average target price of C$58.54.

Rogers Communications Stock Performance

RCI.B stock traded up C$1.22 during midday trading on Wednesday, reaching C$47.56. The stock had a trading volume of 595,234 shares, compared to its average volume of 1,940,307. The stock has a market cap of C$25.69 billion, a PE ratio of 3.65, a P/E/G ratio of 0.32 and a beta of 0.95. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65. The firm has a fifty day simple moving average of C$50.19 and a two-hundred day simple moving average of C$50.75. Rogers Communications has a 52-week low of C$44.21 and a 52-week high of C$56.27.

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.

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