Rogers Communications (TSE:RCI.B) Hits New 52-Week Low After Analyst Downgrade

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI) reached a new 52-week low on Tuesday after TD Securities lowered their price target on the stock from C$64.00 to C$62.00. TD Securities currently has a buy rating on the stock. Rogers Communications traded as low as C$36.03 and last traded at C$36.06, with a volume of 933502 shares. The stock had previously closed at C$38.43.

A number of other brokerages also recently commented on RCI.B. UBS Group lowered their price objective on Rogers Communications from C$66.00 to C$63.00 in a research report on Tuesday. Scotiabank cut Rogers Communications from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from C$58.00 to C$50.00 in a report on Tuesday. Bank of America cut their price objective on shares of Rogers Communications from C$55.00 to C$50.00 in a report on Monday, February 3rd. National Bankshares lowered their target price on shares of Rogers Communications from C$54.00 to C$53.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Royal Bank of Canada dropped their price target on shares of Rogers Communications from C$66.00 to C$61.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Rogers Communications has a consensus rating of “Moderate Buy” and an average price target of C$59.29.

Rogers Communications Stock Performance

The company’s fifty day simple moving average is C$39.90 and its two-hundred day simple moving average is C$46.18. The company has a market capitalization of C$15.26 billion, a price-to-earnings ratio of 22.21, a price-to-earnings-growth ratio of 0.32 and a beta of 0.62. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

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.