Rogers Communications

RCI · TORONTO

$32.39−$0.81 (−2.44%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $33.20

RCI analyst rating

BuyConsensus of 2 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy1
Hold1
Underperform0
Sell0

12-month price target · 19 analysts

Average $42.76 (+32.0% upside)

Low: $30.19
Now: $32.39
High: $55.30

Upgrades and downgrades

The latest rating actions, newest first

RCI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 13, 2026	Maintains	Equal-Weight	$36.00 → $35.00	100%
Barclays	Jul 16, 2026	Maintains	Equal-Weight	$37.00 → $36.00	100%
RBC Capital	Apr 23, 2026	Maintains	Outperform	$61.00 → $63.00	55%
Barclays	Nov 10, 2025	Maintains	Equal-Weight	$33.00 → $36.00	100%

The case for and against

Updated Oct 9, 2026

Bull case

Rogers Communications is supported by resilient core telecom demand, with Q1/26 results in line to slightly ahead of expectations and 2026 FCF guidance revised higher on lower capex, reinforcing a stronger free-cash-flow profile. Service revenue grew to 1,938, helped by Internet subscriber gains and disciplined pricing, while equipment revenue improved to 560 on higher device upgrades and a shift to higher-value devices, and media revenue rose to 988 on MLSE, the Toronto Blue Jays, and new channel launches. The outlook is further strengthened by balance-sheet de-levering, a completed $7B structured equity investment, a low dividend payout ratio of under 30% of FCF, and the potential to monetize sports and media assets as leverage moves toward ~3x.

Bear case

Rogers Communications is facing a weaker fundamental setup because its wireless growth is being offset by mobile phone ARPU declines in a highly competitive market, with downside risk tied to greater ARPU pressure, lower wireless network margins, and softer postpaid net additions. The company also looks vulnerable on broadband, where FTTH competition could reduce Internet revenue and subscriber growth while limiting the ability to sustain cable revenue growth and further margin expansion. In addition, a prolonged economic downturn, irrational wireless pricing, and higher-than-expected capex intensity could compress multiples on a lower-growth trajectory, while the dual-class share structure keeps control concentrated with the Rogers family.

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