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

Barclays cut shares of Rogers Communications (TSE:RCI.B) (NYSE:RCI) from an overweight rating to an equal weight rating in a research report report published on Thursday,BayStreet.CA reports. The firm currently has C$39.00 target price on the stock, down from their previous target price of C$63.00.

Other analysts have also recently issued reports about the stock. Scotiabank lowered their target price on shares of 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. TD Securities dropped their target price on Rogers Communications from C$71.00 to C$65.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Desjardins reduced their target price on Rogers Communications from C$68.00 to C$61.00 and set a “buy” rating on the stock in a research report on Thursday, November 28th. Canaccord Genuity Group lowered their price target on Rogers Communications from C$55.00 to C$46.00 in a report on Tuesday, January 7th. Finally, National Bankshares cut their price objective on shares of 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. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$61.08.

Rogers Communications Price Performance

TSE:RCI.B opened at C$41.46 on Thursday. Rogers Communications has a 12-month low of C$39.65 and a 12-month high of C$64.55. The firm has a market cap of C$17.48 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. The company’s 50-day moving average is C$45.22 and its two-hundred day moving average is C$50.29. The company has a current ratio of 0.65, a quick ratio of 0.58 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.