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

Scotiabank cut shares of Rogers Communications (TSE:RCI.B) (NYSE:RCI) from an outperform rating to a sector perform rating in a research report report published on Tuesday morning,BayStreet.CA reports. Scotiabank currently has C$50.00 target price on the stock, down from their previous target price of C$58.00.

Other equities research analysts have also recently issued research reports about the stock. TD Securities boosted their target price on shares of Rogers Communications from C$63.00 to C$64.00 and gave the company a “buy” rating in a report on Thursday, February 13th. National Bankshares decreased their price objective on Rogers Communications from C$54.00 to C$53.00 and set an “outperform” rating on the stock in a research note on Tuesday. Royal Bank of Canada dropped their price objective 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. Canaccord Genuity Group reduced their target price on Rogers Communications from C$55.00 to C$46.00 in a report on Tuesday, January 7th. Finally, Bank of America decreased their price target on Rogers Communications from C$55.00 to C$50.00 in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$59.43.

Rogers Communications Stock Performance

TSE RCI.B opened at C$36.17 on Tuesday. The company’s 50 day moving average is C$39.98 and its 200-day moving average is C$46.32. The firm has a market cap of C$15.25 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. Rogers Communications has a 12-month low of C$35.51 and a 12-month 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.