Rogers Communications (TSE:RCI.B) PT Set at C$68.00 by Raymond James Financial

Key Points

• Raymond James Financial set a C$68.00 price target on Rogers Communications and kept an outperform rating, implying about 39% upside from the current price.
• Several other analysts were also positive on the stock, with recent target hikes from firms including Scotia, JPMorgan, TD, National Bank Financial, and Canaccord; overall, Rogers has a Moderate Buy consensus and a C$59.27 average target.
• Rogers shares were up 2.8% to C$48.89 in Thursday trading, while the company remains Canada’s largest wireless provider with more than 10 million subscribers.

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI received a C$68.00 price objective from investment analysts at Raymond James Financial in a report released on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's target price would suggest a potential upside of 39.09% from the company's current price.

A number of other research analysts have also commented on the company. Scotia raised Rogers Communications from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from C$57.75 to C$60.50 in a report on Thursday, April 23rd. JPMorgan Chase & Co. boosted their target price on Rogers Communications from C$63.00 to C$65.00 in a report on Monday, April 27th. TD raised Rogers Communications from a "hold" rating to a "buy" rating and upped their target price for the stock from C$56.00 to C$60.00 in a research report on Thursday, April 23rd. National Bank Financial lowered their price target on Rogers Communications from C$63.00 to C$62.00 and set an "outperform" rating on the stock in a report on Tuesday, July 7th. Finally, Canaccord Genuity Group lifted their price target on shares of Rogers Communications from C$55.00 to C$58.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Rogers Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of C$59.27.

Rogers Communications Stock Up 2.8%

Rogers Communications stock traded up C$1.33 during mid-day trading on Thursday, hitting C$48.89. 1,059,601 shares of the company's stock were exchanged, compared to its average volume of 1,943,653. Rogers Communications has a 1-year low of C$44.21 and a 1-year high of C$56.27. The stock has a 50 day moving average of C$50.15 and a two-hundred day moving average of C$50.73. The company has a current ratio of 0.65, a quick ratio of 0.58 and a debt-to-equity ratio of 436.50. The stock has a market cap of C$26.41 billion, a P/E ratio of 3.75, a P/E/G ratio of 0.32 and a beta of 0.95.

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. 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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