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

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price target dropped by Scotiabank from C$58.00 to C$57.75 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target indicates a potential upside of 13.73% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Rogers Communications from C$59.00 to C$62.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Desjardins lowered their price objective on Rogers Communications from C$57.00 to C$55.00 and set a “hold” rating on the stock in a research report on Monday, January 12th. TD Securities raised their target price on shares of Rogers Communications from C$62.00 to C$64.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Morgan Stanley increased their price objective on shares of Rogers Communications from C$46.00 to C$50.00 in a research report on Wednesday, December 10th. Finally, CIBC lifted their target price on Rogers Communications from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$56.90.

Rogers Communications Stock Up 0.5%

Shares of TSE:RCI.B opened at C$50.78 on Tuesday. Rogers Communications has a 52-week low of C$32.42 and a 52-week high of C$56.15. The firm has a market capitalization of C$27.43 billion, a P/E ratio of 4.07, a P/E/G ratio of 0.32 and a beta of 1.03. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65. The stock has a 50 day moving average price of C$51.74 and a 200-day moving average price of C$50.12.

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.