Rogers Communications (TSE:RCI.B) Price Target Cut to C$60.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on Rogers Communications from C$63.00 to C$60.00, while keeping an outperform rating on the stock.
• Despite the reduction, RBC’s target still implies about 28.6% upside from the previous close. Overall analyst sentiment remains constructive, with eight Buy ratings and two Hold ratings.
• Rogers shares traded at C$46.65 on Friday, below the updated target and near the lower end of its 52-week range. 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 reduced by research analysts at Royal Bank Of Canada from C$63.00 to C$60.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would indicate a potential upside of 28.62% from the company's previous close.

RCI.B has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Rogers Communications from C$63.00 to C$65.00 in a research report on Monday, April 27th. Scotiabank upped their price objective on Rogers Communications from C$60.50 to C$61.00 and gave the stock a "sector outperform" rating in a report on Tuesday. Canadian Imperial Bank of Commerce raised their target price on shares of Rogers Communications from C$61.00 to C$62.00 and gave the company an "outperformer" rating in a research note on Thursday, April 23rd. National Bank Financial dropped their target price on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, TD upgraded Rogers Communications from a "hold" rating to a "buy" rating and upped their price target for the stock from C$56.00 to C$60.00 in a report on Thursday, April 23rd. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of C$58.62.

Rogers Communications Price Performance

Rogers Communications stock traded up C$0.11 during midday trading on Friday, reaching C$46.65. 615,729 shares of the company were exchanged, compared to its average volume of 1,940,056. The company has a market capitalization of C$25.20 billion, a price-to-earnings ratio of 3.58, a P/E/G ratio of 0.32 and a beta of 0.95. The firm's 50-day simple moving average is C$50.37 and its 200-day simple moving average is C$50.84. Rogers Communications has a 1 year low of C$44.21 and a 1 year high of C$56.27. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

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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