Rogers Communications (TSE:RCI.B) (NYSE:RCI) has been working on a project for the last few months now, bringing 5G service to a place where most figured it would never actually reach – the Toronto subway. While the project has been kicking off in dribs and drabs, reports note that the final stretch has now begun. That news was sufficient for investors to give Rogers a fractional boost in Friday morning’s trading.
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The TTC network, as it’s known, has been in progress for over a year now. It first got its start back in April 2023 when Rogers acquired the cellular network in the subway system, a former property of BAI Canada. Rogers then got to work expanding the service, replacing the aging 4G and even 3G elements with 5G service and adding 911 access.
The previous network could only reach about a quarter of the tunnels, station platforms, and concourses. Once completed, all 75 stations and all tunnels will have access to 5G service through Rogers.
Rising Internal Optimism
That news alone would be good enough for some, especially those who routinely take the Toronto subway anywhere. But reports also noted that there’s been quite a bit of insider buying going on, with several insiders adding to their positions over the last 12 months. The buy wasn’t exactly big—it was about C$1.9 million total—but it’s worth noting that nobody’s been doing any selling, either. That suggests some optimistic outlooks going on inside Rogers’ top brass. While selling can be done for any of several reasons, buying is generally only done because someone expects a profit.
Is Rogers Communications Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on RCI.B stock based on 11 Buys assigned in the past three months, as indicated by the graphic below. After a 5.58% loss in its share price over the past year, the average RCI.B price target of C$72.13 per share implies 32.2% upside potential.
