Rogers Communications (TSE:RCI.B) Raised to Buy at Canaccord Genuity Group

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 report issued on Monday,BayStreet.CA reports. The brokerage currently has a C$41.00 price target on the stock, down from their prior price target of C$42.00. Canaccord Genuity Group’s target price suggests a potential upside of 14.69% from the company’s previous close.

RCI.B has been the topic of several other reports. TD Securities decreased their price target on shares of Rogers Communications from C$64.00 to C$62.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price objective on Rogers Communications from C$57.00 to C$53.00 and set an “overweight” rating on the stock in a research report on Thursday. Royal Bank of Canada reduced their price target on Rogers Communications from C$66.00 to C$61.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Bank of America dropped their price objective on Rogers Communications from C$55.00 to C$50.00 in a research note on Monday, February 3rd. Finally, UBS Group cut their price objective on Rogers Communications from C$66.00 to C$63.00 in a research report 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. Based on data from MarketBeat.com, Rogers Communications currently has an average rating of “Moderate Buy” and an average price target of C$56.31.

Rogers Communications Stock Performance

Shares of RCI.B stock traded down C$0.98 during trading hours on Monday, hitting C$35.75. The company’s stock had a trading volume of 1,674,444 shares, compared to its average volume of 2,224,280. The company has a 50 day moving average of C$39.74 and a 200 day moving average of C$45.93. The stock has a market cap of C$15.07 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. 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 12-month low of C$35.08 and a 12-month high of C$56.55.

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.