Desjardins Forecasts Strong Price Appreciation for Rogers Communications (TSE:RCI.B) Stock

Key Points

• Desjardins increased its price target for Rogers Communications (TSE:RCI.B) from C$51.00 to C$53.00, indicating a potential upside of 4.99% and maintaining a "buy" rating on the stock.
• The stock has received multiple positive ratings, with eight analysts giving it a buy rating and a consensus average target price of C$54.69.
• Rogers Communications holds a significant market position as the largest wireless service provider in Canada, with over 10 million subscribers, constituting about one third of the Canadian market.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price target raised by investment analysts at Desjardins from C$51.00 to C$53.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Desjardins' target price points to a potential upside of 4.99% from the company's current price.

RCI.B has been the topic of a number of other reports. National Bankshares set a C$59.00 price objective on Rogers Communications and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. BMO Capital Markets boosted their target price on Rogers Communications from C$55.00 to C$57.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Scotiabank boosted their price target on Rogers Communications from C$51.50 to C$54.26 and gave the stock a "sector perform" rating in a research note on Monday, September 8th. JPMorgan Chase & Co. boosted their price target on Rogers Communications from C$55.00 to C$59.00 in a research note on Friday, July 25th. Finally, Canaccord Genuity Group upped their price objective on Rogers Communications from C$48.00 to C$52.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Rogers Communications has a consensus rating of "Moderate Buy" and an average target price of C$54.69.

Rogers Communications Price Performance

Shares of TSE:RCI.B traded up C$0.88 on Thursday, hitting C$50.48. The company's stock had a trading volume of 1,021,490 shares, compared to its average volume of 1,948,709. The company has a market capitalization of C$27.16 billion, a PE ratio of 18.09, a PEG ratio of 0.32 and a beta of 0.98. 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$32.42 and a 1 year high of C$54.45. The company has a 50-day simple moving average of C$48.57 and a 200 day simple moving average of C$41.97.

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.

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