In a report released yesterday, Vince Valentini from TD Cowen maintained a Buy rating on Rogers Communication, with a price target of C$67.00.
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Vince Valentini has given his Buy rating due to a combination of factors that, in his view, position Rogers Communications for attractive risk‑reward over the next several years. He highlights that Rogers delivered results and guidance that exceeded expectations, particularly on earnings and free cash flow, and he now forecasts a notably stronger free cash flow profile, even under a more conservative definition. While his overall EBITDA forecast remains largely unchanged, he sees upside driven by better‑than‑anticipated performance in the sports and media division, underpinned by recent sports transactions that are now formally incorporated into his model.
At the same time, Valentini has deliberately taken a more cautious stance on the wireless business by trimming assumptions for subscriber additions and revenue per user growth, reflecting recent competitive pressures and promotional intensity. Despite these more conservative wireless assumptions, he believes the overall financial outlook is still improving, with potential for additional upside if sports properties enjoy further playoff success. The combination of stronger free cash flow, a solid medium‑term earnings trajectory, and incremental contributions from the sports assets leads him to raise his target price and reiterate Rogers as his top pick in the sector, supporting his Buy recommendation.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a C$61.00 price target.