Rogers Communications (TSE:RCI.B) Reaches New 12-Month Low After Analyst Downgrade

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI) shares reached a new 52-week low during mid-day trading on Monday after Bank of America lowered their price target on the stock from C$55.00 to C$50.00. The stock traded as low as C$38.97 and last traded at C$39.77, with a volume of 382131 shares traded. The stock had previously closed at C$39.92.

Several other equities research analysts have also recently weighed in on RCI.B. Barclays cut Rogers Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from C$63.00 to C$39.00 in a report on Thursday, January 30th. Royal Bank of Canada dropped their price objective on Rogers Communications from C$66.00 to C$61.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Desjardins lowered their target price on Rogers Communications from C$68.00 to C$61.00 and set a “buy” rating for the company in a research note on Thursday, November 28th. Canaccord Genuity Group lowered their target price on Rogers Communications from C$55.00 to C$46.00 in a research note on Tuesday, January 7th. Finally, Scotiabank lowered their target price on Rogers Communications from C$66.50 to C$64.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$60.23.

Rogers Communications Stock Down 0.9 %

The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. The company has a market cap of C$16.68 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. The company has a fifty day moving average of C$44.88 and a 200 day moving average of C$50.16.

Rogers Communications Company Profile

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.