TD Securities raised its price target on Rogers Communications Inc. (RCI-B.TO) to $64 from $63 on Thursday.
Analyst Vince Valentini maintained a Buy rating on shares of the Canadian media and telecom company following its raise of approximately $4 Billion in hybrid securities.
"It is unclear whether the $7 Billion infrastructure funding will occur, but with delays in that process and the recent raise of approximately $4 Billion in hybrid debt securities, we removed the expensive infrastructure funding from our model," Valentini said in a note to clients.
"We hope for a partial sale of sports team equity in 2025, but enough balance sheet flexibility exists if that process is delayed until after the payment of $4.7 Billion to BCE Inc. (BCE.TO) for MLSE," the analyst said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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