Scotiabank Downgrades Rogers Communications (TSE:RCI.B) to Sector Perform

Rogers Communications (TSE:RCI.B) (NYSE:RCI) was downgraded by stock analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Tuesday,BayStreet.CA reports. They currently have a C$50.00 price target on the stock, down from their previous price target of C$58.00. Scotiabank’s target price points to a potential upside of 38.12% from the company’s previous close.

Several other brokerages have also recently issued reports on RCI.B. Bank of America decreased their price target on shares of Rogers Communications from C$55.00 to C$50.00 in a research report on Monday, February 3rd. TD Securities increased their price objective on Rogers Communications from C$63.00 to C$64.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Barclays downgraded Rogers Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from C$63.00 to C$39.00 in a report on Thursday, January 30th. National Bankshares decreased their price target on Rogers Communications from C$54.00 to C$53.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price objective on Rogers Communications from C$55.00 to C$46.00 in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$59.29.

Rogers Communications Stock Performance

Rogers Communications stock opened at C$36.20 on Tuesday. The business has a 50 day moving average of C$39.90 and a 200-day moving average of C$46.18. The company has a market capitalization of C$15.26 billion, a P/E ratio of 22.21, a P/E/G ratio of 0.32 and a beta of 0.62. Rogers Communications has a 1 year low of C$35.51 and a 1 year high of C$56.55. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58.

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.