Canaccord Genuity Group Cuts Rogers Communications (TSE:RCI.B) Price Target to C$55.50

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its target price lowered by Canaccord Genuity Group from C$57.00 to C$55.50 in a research report released on Tuesday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Rogers Communications from C$65.00 to C$63.00 in a research note on Wednesday, April 1st. Desjardins reduced their price objective on shares of Rogers Communications from C$55.00 to C$54.50 and set a “hold” rating for the company in a research note on Tuesday. TD Securities cut shares of Rogers Communications from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$65.00 to C$56.00 in a research note on Thursday, April 2nd. Canadian Imperial Bank of Commerce increased their price objective on shares of Rogers Communications from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Finally, Scotiabank reduced their price objective on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating for the company in a research note on Tuesday, January 20th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$56.38.

Rogers Communications Stock Performance

Shares of TSE RCI.B opened at C$45.28 on Tuesday. The firm has a fifty day moving average price of C$52.30 and a 200-day moving average price of C$51.87. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. The stock has a market cap of C$24.46 billion, a PE ratio of 3.55, a price-to-earnings-growth ratio of 0.32 and a beta of 0.96. Rogers Communications has a 1 year low of C$32.42 and a 1 year high of C$56.27.

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. 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.