Scotia Upgrades Rogers Communications (TSE:RCI.B) to Sector Outperform

Key Points

• Scotia upgraded Rogers Communications from a "sector perform" to a "sector outperform", raising its price target to C$60.50 (from C$57.75), which implies about an 18.67% upside from the current price.
• Shares traded at C$50.98 with a low P/E of 4.0 and a market cap of C$27.54 billion; analysts' consensus is a "Moderate Buy" with an average price target of C$58.33 (eight Buys, three Holds).

Rogers Communications (TSE:RCI.B - Get Free Report) NYSE: RCI was upgraded by investment analysts at Scotia from a "sector perform" rating to a "sector outperform" rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has a C$60.50 target price on the stock, up from their previous target price of C$57.75. Scotia's price target indicates a potential upside of 18.67% from the stock's current price.

Other research analysts also recently issued reports about the company. Scotiabank cut their price target on Rogers Communications from C$58.00 to C$57.75 and set a "sector perform" rating for the company in a report on Tuesday, January 20th. Desjardins cut their price target on Rogers Communications from C$55.00 to C$54.50 and set a "hold" rating for the company in a report on Tuesday, April 7th. National Bank Financial boosted their price target on Rogers Communications from C$60.00 to C$62.00 and gave the company an "outperform" rating in a report on Thursday. TD Securities downgraded Rogers Communications from a "buy" rating to a "hold" rating and cut their price target for the company from C$65.00 to C$56.00 in a report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. cut their price target on Rogers Communications from C$65.00 to C$63.00 in a report on Wednesday, April 1st. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Rogers Communications has an average rating of "Moderate Buy" and a consensus price target of C$58.33.

Rogers Communications Price Performance

Shares of Rogers Communications stock traded down C$0.23 during trading on Thursday, hitting C$50.98. 970,288 shares of the company were exchanged, compared to its average volume of 1,860,922. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. Rogers Communications has a fifty-two week low of C$34.19 and a fifty-two week high of C$56.27. The stock has a market capitalization of C$27.54 billion, a price-to-earnings ratio of 4.00, a P/E/G ratio of 0.32 and a beta of 0.96. The firm has a 50 day moving average price of C$51.48 and a 200 day moving average price of C$51.72.

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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