Rogers Communications Outperform Rating Confirmed and Target Raised at National Bank of Canada

01:28 PM EDT, 06/27/2025 (MT Newswires) -- National Bank of Canada on Friday reiterated its outperform rating on the shares of Rogers Communications (RCI.B.TO) while raising its price target to $53.00 from $52.00 ahead of the company's second-quarter financial results.

The bank forecasts service revenue of $4.7 billion with consensus estimate (CE) being $4.6 billion, total revenue of $5.2 billion with CE being $5.1 billion, adjusted EBITDA of $2.4 billion with CE being $2.4 billion and adjusted earnings per share of $1.12 with CE being $1.07 per share. It also sees capital expenditure of $835 million, with CE being $959 million and free cash flow of $852 million with CE being $693 million.

"While pricing pressure in Wireless hasn't found a new bottom, competitive pressures persist and the sector is still working through a lapping of reduced immigration," said analyst Adam Shine. "Price increases and other actions likely helped Cable revs return to modest growth in 2Q, with five Canadian teams in the NHL playoffs offering a boost to Media revs."

With the Maple Leaf Sports & Entertainment deal closing in early July, the bank expects some disclosures of annualized revenue and EBITDA for MLSE with Q2 reporting.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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