Rogers Communications (TSE:RCI.B) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its price target hoisted by analysts at Canadian Imperial Bank of Commerce from C$61.00 to C$62.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperformer” rating on the stock. Canadian Imperial Bank of Commerce’s price target points to a potential upside of 21.62% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. Scotiabank cut their price target on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating on the stock in a report on Tuesday, January 20th. JPMorgan Chase & Co. cut their price target on shares of Rogers Communications from C$65.00 to C$63.00 in a report on Wednesday, April 1st. TD Securities cut shares of Rogers Communications from a “buy” rating to a “hold” rating and cut their price target for the stock from C$65.00 to C$56.00 in a report on Thursday, April 2nd. National Bank Financial upped their price target on shares of Rogers Communications from C$60.00 to C$62.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Canaccord Genuity Group upped their price target on shares of Rogers Communications from C$55.00 to C$58.00 and gave the stock a “buy” rating in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$58.33.

Rogers Communications Trading Down 0.4%

Shares of RCI.B stock traded down C$0.23 on Thursday, reaching C$50.98. 970,288 shares of the company’s stock were exchanged, compared to its average volume of 1,860,922. Rogers Communications has a 52 week low of C$34.19 and a 52 week high of C$56.27. The company has a current ratio of 0.65, a quick ratio of 0.58 and a debt-to-equity ratio of 436.50. The stock has a market capitalization of C$27.54 billion, a PE ratio of 4.00, a P/E/G ratio of 0.32 and a beta of 0.96. The company’s fifty day simple moving average is C$51.48 and its 200 day simple moving average is C$51.72.

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.