Rogers Communications Plunges 2.51% to 13-Year Low

Rogers Communications (RCI) shares fell to their lowest level since April 2009 today, with an intraday decline of 2.51%.

Analysts have been revising their price targets for Rogers Communications, reflecting a cautious outlook on the company's prospects. Morgan Stanley's Benjamin Swinburne reduced the price target to C$35 from C$41, maintaining an Underweight rating. Similarly, TD Securities lowered its target to $60 from $62, and Royal Bank of Canada cut its target from C$66.00 to C$61.00, while keeping an "outperform" rating.

Rogers Communications' stock has been under significant pressure this year, with a 17% decline, indicating broader market challenges or operational issues. The company's stock has reached a new 52-week low, trading as low as C$39.70. This decline has been exacerbated by reports of an NHL deal and analyst downgrades, with Scotia Capital anticipating negative earnings revisions.

Overall, the negative market sentiment and potential challenges facing Rogers Communications have contributed to the decline in their stock price. Investors are closely monitoring the company's performance and future outlook, as these factors continue to influence market perceptions and stock valuations.