Rogers Communications (TSE:RCI.B) Upgraded by Canaccord Genuity Group to Buy Rating

Rogers Communications (TSE:RCI.B) (NYSE:RCI) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Monday,BayStreet.CA reports. The brokerage currently has a C$41.00 target price on the stock, down from their previous target price of C$42.00. Canaccord Genuity Group’s target price would indicate a potential upside of 14.69% from the company’s current price.

A number of other brokerages also recently commented on RCI.B. Barclays downgraded shares of Rogers Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the company from C$63.00 to C$39.00 in a research note on Thursday, January 30th. Bank of America decreased their target price on Rogers Communications from C$55.00 to C$50.00 in a research report on Monday, February 3rd. National Bankshares dropped their price objective on shares of Rogers Communications from C$54.00 to C$53.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Scotiabank downgraded shares of Rogers Communications from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from C$58.00 to C$50.00 in a research note on Tuesday, April 1st. Finally, UBS Group dropped their price target on shares of Rogers Communications from C$66.00 to C$63.00 in a research note on Tuesday, April 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$56.31.

Rogers Communications Trading Down 2.7 %

Shares of TSE RCI.B traded down C$0.98 during midday trading on Monday, hitting C$35.75. The stock had a trading volume of 1,674,444 shares, compared to its average volume of 2,224,280. The company has a fifty day moving average price of C$39.74 and a 200 day moving average price of C$45.93. The company has a market capitalization of C$15.07 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 0.32 and a beta of 0.62. Rogers Communications has a 1-year low of C$35.08 and a 1-year high of C$56.55. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50.

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.