Scotiabank Raises Rogers Communications (TSE:RCI.B) Price Target to C$54.26

Key Points

• Scotiabank raised its price target for Rogers Communications from C$51.50 to C$54.26, suggesting a potential upside of 10.87% from the stock's previous close.
• Analysts have given Rogers Communications an average rating of "Moderate Buy" with a collective price target averaging around C$54.27, indicating strong investor interest.
• Rogers Communications is Canada’s largest wireless provider, holding a market share of over one third of total subscribers with a significant portion of sales coming from its wireless business.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price target raised by research analysts at Scotiabank from C$51.50 to C$54.26 in a report issued on Monday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's price objective indicates a potential upside of 9.55% from the company's current price.

A number of other equities research analysts also recently issued reports on RCI.B. Canaccord Genuity Group increased their price objective on Rogers Communications from C$48.00 to C$52.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. CIBC lowered their price objective on Rogers Communications from C$76.00 to C$55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 3rd. Desjardins raised their price target on Rogers Communications from C$49.00 to C$51.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their price target on Rogers Communications from C$55.00 to C$59.00 in a research report on Friday, July 25th. Finally, BMO Capital Markets raised their price target on Rogers Communications from C$55.00 to C$57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of C$54.27.

Rogers Communications Stock Performance

Shares of TSE:RCI.B traded down C$0.21 during trading on Monday, hitting C$49.53. 1,375,091 shares of the company were exchanged, compared to its average volume of 1,961,146. The company has a market cap of C$26.76 billion, a PE ratio of 17.75, a P/E/G ratio of 0.32 and a beta of 1.02. The stock has a 50 day moving average of C$47.41 and a 200 day moving average of C$40.89. Rogers Communications has a 52-week low of C$32.42 and a 52-week high of C$56.00. 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 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.