BofA analyst David Barden downgraded Rogers Communications (RCI) to Neutral from Buy with a price target of C$55, down from C$65. The downgrade reflects Rogers’ “outsized exposure” to a Government-led downward reset in immigration levels, uncertainty surrounding its growing investment in Sports assets, and higher than originally forecast leverage, the analyst tells investors.
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Read More on RCI:
- Rogers Communications downgraded to Neutral from Buy at BofA
- Rogers Communications price target lowered to C$64 from C$66.50 at Scotiabank
- Rogers Communications price target lowered to C$46 from C$55 at Canaccord
- Rogers Communications Revises 2024 Revenue Guidance Due to Media Revenue Weakness
- Rogers Communications sees FY24 total service revenue growth just over 7%
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