Rogers Communications (TSE:RCI.B) Price Target Raised to C$55.75 at Scotiabank

Key Points

• Scotiabank has raised its price target for Rogers Communications from C$54.25 to C$55.75, indicating a potential upside of 8.82% from its previous close.
• Multiple analysts have also increased their price targets for the stock, with CIBC setting it at C$58.00 and JPMorgan Chase & Co. at C$59.00.
• Rogers Communications is the largest wireless provider in Canada, with its wireless business comprising 60% of the company's total sales in 2021.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI had its price target lifted by research analysts at Scotiabank from C$54.25 to C$55.75 in a research note issued to investors on Monday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Scotiabank's price objective suggests a potential upside of 8.82% from the stock's previous close.

Several other research analysts also recently weighed in on RCI.B. CIBC upped their target price on shares of Rogers Communications from C$55.00 to C$58.00 in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of Rogers Communications from C$55.00 to C$59.00 in a research note on Friday, July 25th. BMO Capital Markets increased their price objective on shares of Rogers Communications from C$55.00 to C$57.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Canaccord Genuity Group increased their price objective on shares of 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. Finally, National Bankshares set a C$59.00 price objective on shares of Rogers Communications and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$55.06.

Rogers Communications Trading Down 1.9%

RCI.B traded down C$0.97 during trading on Monday, hitting C$51.23. 607,910 shares of the company's stock were exchanged, compared to its average volume of 1,943,411. The company has a current ratio of 0.65, a quick ratio of 0.58 and a debt-to-equity ratio of 436.50. Rogers Communications has a 1 year low of C$32.42 and a 1 year high of C$54.45. The stock has a 50 day moving average price of C$49.32 and a 200 day moving average price of C$42.68. The firm has a market cap of C$27.56 billion, a P/E ratio of 18.36, a price-to-earnings-growth 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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