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

Rogers Communications (TSE:RCI.B) (NYSE:RCI) was downgraded by stock analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Thursday,BayStreet.CA reports. They currently have a C$39.00 price objective on the stock, down from their previous price objective of C$63.00. Barclays‘s price objective would indicate a potential downside of 6.77% from the stock’s current price.

Several other analysts also recently weighed in on the company. Scotiabank cut 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 research note on Wednesday, January 8th. National Bankshares cut their target price on Rogers Communications from C$62.00 to C$54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. TD Securities lowered their price target on Rogers Communications from C$71.00 to C$65.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Desjardins lowered their price target 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. Finally, Canaccord Genuity Group lowered their price target on Rogers Communications from C$55.00 to C$46.00 in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$61.25.

Rogers Communications Stock Performance

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

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.