CIBC Forecasts Strong Price Appreciation for Rogers Communications (TSE:RCI.B) Stock

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price target upped by stock analysts at CIBC from C$58.00 to C$60.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. CIBC’s price target points to a potential upside of 21.19% from the stock’s current price.

Several other research analysts also recently commented on RCI.B. Desjardins boosted their target price on Rogers Communications from C$53.00 to C$56.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. TD Securities lifted their price target on shares of Rogers Communications from C$62.00 to C$64.00 and gave the company a “buy” rating in a report on Friday, October 24th. Barclays upped their price objective on shares of Rogers Communications from C$46.00 to C$50.00 in a research report on Monday, November 10th. JPMorgan Chase & Co. increased their price objective on shares of Rogers Communications from C$59.00 to C$62.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Finally, National Bankshares boosted their target price on shares of Rogers Communications from C$59.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$57.06.

Rogers Communications Stock Performance

TSE RCI.B opened at C$49.51 on Tuesday. The firm’s 50 day simple moving average is C$52.79 and its 200 day simple moving average is C$47.53. The company has a current ratio of 0.65, a quick ratio of 0.58 and a debt-to-equity ratio of 436.50. Rogers Communications has a 1 year low of C$32.42 and a 1 year high of C$56.15. The firm has a market capitalization of C$26.75 billion, a price-to-earnings ratio of 3.97, a P/E/G ratio of 0.32 and a beta of 0.88.

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.