Rogers Communications (TSE:RCI.B) Price Target Raised to C$63.00

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price target raised by equities research analysts at Royal Bank Of Canada from C$61.00 to C$63.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 23.58% from the stock’s previous close.

RCI.B has been the topic of several other research reports. National Bank Financial upped their price target on Rogers Communications from C$60.00 to C$62.00 and gave the stock an “outperform” rating in a report on Thursday. Canadian Imperial Bank of Commerce upped their price target on Rogers Communications from C$61.00 to C$62.00 and gave the stock an “outperformer” rating in a report on Thursday. Desjardins upped their price target on Rogers Communications from C$54.50 to C$59.00 and gave the stock a “hold” rating in a report on Thursday. Scotia upgraded 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. Finally, TD upgraded Rogers Communications from a “hold” rating to a “buy” rating and increased their price objective for the company from C$56.00 to C$60.00 in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Rogers Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of C$58.33.

Rogers Communications Stock Down 0.4%

TSE RCI.B traded down C$0.23 during trading hours 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 50 day moving average of C$51.48 and a two-hundred day moving average of C$51.72. 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 52-week low of C$34.19 and a 52-week high of C$56.27. The firm has a market cap of C$27.54 billion, a price-to-earnings ratio of 4.00, a PEG ratio of 0.32 and a beta of 0.96.

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.