Rogers Communications wins price target raise at National Bank

Macro headwinds continue to affect the wireless business in Canada, but National Bank Financials analyst Adam Shine likes what he sees from Rogers Communications (Rogers Communications Stock Quote, Chart, News, Analysts, Financials TSX:RCI.B)

As reported by the Globe and Mail Shine June 30 maintained his “Outperform” rating and raised his price target on the stock from $52.00 to $53.00.

“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,” he said. “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. We forecast capex of $835-million (consensus estimate: $959-million) as this metric appears to be skewing to lower end of annual guidance and FCF of $852-million (CE $693-million).”

Shares of Rogers closed June 30th up $0.52 to $40.39