Rogers Communications Plunges 4.00% Amid Subscriber Loss

Rogers Communications (RCI) shares fell 4.00% intraday, marking the lowest level since April 2009. The stock has been on a downward trend, declining 3.24% today and 8.25% over the past three days.

Rogers Communications is facing challenges due to subscriber loss and declining revenues as customers shift away from traditional cable services. This trend is expected to continue, potentially eroding the company's subscriber base further.

Several financial institutions have adjusted their valuations and price targets for Rogers Communications. Canaccord Genuity has revised its valuation due to concerns over revenue, while TD Securities lowered its price target from $62 to $60. Additionally, JPMorgan Chase & Co. reduced its target price from C$57.00 to C$53.00, although it maintains an "overweight" rating.

Rogers is introducing a new $3 monthly charge for customers using its older 3G networks as part of its plan to phase out the technology. This move is aimed at encouraging customers to upgrade to more modern networks, but it may also impact customer satisfaction and retention.

Rogers Communications recently entered into a significant business deal, agreeing to a C$7 billion transaction with Blackstone, CPP, and other investors for a 49.9% stake in a new wireless subsidiary. This deal could influence investor perception and the company's stock performance, as it represents a major strategic shift for Rogers.