Desjardins Issues Pessimistic Forecast for Rogers Communications (TSE:RCI.B) Stock Price

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price target lowered by research analysts at Desjardins from C$59.00 to C$58.00 in a research report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a “hold” rating on the stock. Desjardins’ price target would suggest a potential upside of 21.95% from the stock’s previous close.

Several other research firms have also issued reports on RCI.B. TD Securities lowered shares of Rogers Communications from a “buy” rating to a “hold” rating and lowered their target price for the stock from C$65.00 to C$56.00 in a research note on Thursday, April 2nd. JPMorgan Chase & Co. upped their price target on Rogers Communications from C$63.00 to C$65.00 in a report on Monday, April 27th. Canaccord Genuity Group increased their price target on Rogers Communications from C$55.00 to C$58.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Royal Bank Of Canada dropped their price objective on Rogers Communications from C$63.00 to C$60.00 and set an “outperform” rating on the stock in a report on Friday, July 10th. Finally, Scotia upgraded Rogers Communications from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from C$57.75 to C$60.50 in a research report on Thursday, April 23rd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$58.54.

Rogers Communications Stock Performance

RCI.B traded up C$1.22 on Wednesday, reaching C$47.56. The stock had a trading volume of 595,234 shares, compared to its average volume of 1,940,307. Rogers Communications has a 12-month low of C$44.21 and a 12-month high of C$56.27. 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 business’s 50-day moving average price is C$50.19 and its two-hundred day moving average price is C$50.75. The company has a market cap of C$25.69 billion, a P/E ratio of 3.65, a price-to-earnings-growth 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.