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Rogers price target lowered to C$62 from C$64 at TD Securities

TD Securities analyst Vince Valentini lowered the firm’s price target on Rogers Communications (RCI) to C$62 from C$64 and keeps a Buy rating on the shares. The firm reduced free cash flow estimates. TD previously was of the view that Rogers’ big outflows of cash for working capital in 2024 were related to timing issues that would level off in 2025 and 2026. However, it now expects this use of cash to be more recurring, at least in the near- to medium-t term, owing in part to increased customer adoption of zero interest device financing over four years on Rogers Bank credit cards.

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