JPMorgan Chase & Co. Raises Rogers Communications (TSE:RCI.B) Price Target to C$59.00

Key Points

• JPMorgan Chase & Co. raised Rogers Communications' price target from C$55.00 to C$59.00, indicating a potential upside of 25.83% from the current price.
• Desjardins and BMO Capital Markets also increased their price targets to C$51.00 and C$57.00 respectively, showing overall optimistic sentiment from analysts.
• Rogers Communications is reported to hold a consensus rating of "Moderate Buy" with a consensus target price of C$54.89.
• The company is the largest wireless service provider in Canada, with over 10 million subscribers accounting for roughly one third of the total Canadian market.

Rogers Communications (TSE:RCI.B - Free Report) NYSE: RCI had its price objective increased by JPMorgan Chase & Co. from C$55.00 to C$59.00 in a research note published on Friday morning,BayStreet.CA reports.

Several other brokerages have also recently issued reports on RCI.B. National Bankshares lifted their target price on shares of Rogers Communications from C$52.00 to C$53.00 and gave the stock an "outperform" rating in a research note on Monday, June 30th. Royal Bank Of Canada dropped their price target on shares of Rogers Communications from C$57.00 to C$54.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. BMO Capital Markets lifted their price target on shares of 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. Canaccord Genuity Group raised their target price on Rogers Communications from C$48.00 to C$52.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, CIBC reduced their target price 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. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of C$53.29.

Rogers Communications Price Performance

Rogers Communications stock traded down C$0.22 during trading on Friday, reaching C$46.40. The company had a trading volume of 1,128,896 shares, compared to its average volume of 2,019,267. The firm's 50-day simple moving average is C$40.52 and its 200 day simple moving average is C$39.02. Rogers Communications has a 1-year low of C$32.42 and a 1-year high of C$56.55. The firm has a market capitalization of C$19.57 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. 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.