Rogers Communications (TSE:RCI.B) Downgraded by Barclays to Equal Weight

Rogers Communications (TSE:RCI.B) (NYSE:RCI) was downgraded by equities research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. They presently have a C$39.00 price target on the stock, down from their previous price target of C$63.00. Barclays‘s target price would suggest a potential downside of 6.77% from the stock’s previous close.

A number of other brokerages have also recently weighed in on RCI.B. Canaccord Genuity Group reduced their price objective on Rogers Communications from C$55.00 to C$46.00 in a research note on Tuesday, January 7th. National Bankshares dropped their target price on Rogers Communications from C$62.00 to C$54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Scotiabank dropped their target price on Rogers Communications from C$66.50 to C$64.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 8th. Royal Bank of Canada dropped their target price 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. Finally, Desjardins dropped their price objective on Rogers Communications from C$68.00 to C$61.00 and set a “buy” rating on the stock in a report on Thursday, November 28th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$61.25.

Rogers Communications Stock Performance

TSE RCI.B traded up C$0.37 on Thursday, reaching C$41.83. The stock had a trading volume of 494,466 shares, compared to its average volume of 1,856,887. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65. Rogers Communications has a 12-month low of C$39.65 and a 12-month high of C$64.55. The business’s 50-day moving average price is C$45.22 and its 200 day moving average price is C$50.29. The stock has a market cap of C$17.64 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62.

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.