Analysts cut price targets on Rogers Communications
July 29 (Reuters) - At least four brokerages cut their price targets on Rogers Communications Inc (RCIb.TO) on Wednesday, a day after the cable television company slashed its full-year revenue outlook.
"Over the next 12 months, we see several headwinds for Rogers shares," RBC analyst Jonathan Allen said, downgrading the stock to "sector perform" from "outperform." He cut his price target to C$34 from C$39.
The owner of Rogers Wireless, Canada's biggest wireless carrier, said on Tuesday its wireless subscribers were cutting back on spending due to the recession. [nN2890483]
"Given the uncertain economic times ahead, we believe Rogers' operating results will be less predictable in the near term," said UBS, which cut its price target on the stock to C$34 from C$37. The brokerage maintained its "buy" rating on the stock.
Morgan Stanley kept its "overweight" rating on Rogers but cut its price target to C$36 from C$38. BMO Capital Markets lowered its price target on the stock to C$35 from C$38.
Shares of the Toronto, Ontario-based company were up 5 Canadian cents at C$29.50 Wednesday morning on the Toronto Stock Exchange.
(Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)
((koustav.samanta@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: koustav.samanta.reuters.com@reuters.net)) Keywords: ROGERSCOMMUNICATIONS/RESEARCH RBC
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