Rogers Communications stock (CA7751092007): JPMorgan raises price target to C$65

Rogers Communications, a leading Canadian telecommunications provider, saw a positive analyst update as JPMorgan Chase & Co. raised its price target on the stock to C$65 from a prior level, according to MarketBeat as of April 27, 2026. The TSX:RCI.B shares reflect the company's Class B non-voting shares, traded primarily in Canada but accessible to US investors via NYSE:RCI. This adjustment comes as the firm maintains its market capitalization near C$28.35 billion as of March 2026, per CompaniesMarketCap as of Mar 22, 2026.

As of: 13.05.2026

By the editorial team – specialized in equity coverage.

Rogers Communications: core business model

Rogers Communications operates as one of Canada's largest wireless and cable providers, delivering services in wireless communications, cable television, internet, and media. The company serves millions of customers through its Rogers, Fido, and Shaw brands following the 2023 acquisition of Shaw Communications. Wireless remains the primary growth engine, contributing the bulk of revenue amid rising data demand. This structure positions Rogers as a key player in North America's telecom landscape, with relevance for US investors due to cross-border listings and economic ties.

The business model emphasizes bundled services, enterprise solutions, and media assets like sports broadcasting rights for NHL and MLB, which enhance customer retention. About 80% of revenue stems from recurring subscriptions, providing stability despite competitive pressures from Bell Canada and Telus.

Main revenue and product drivers for Rogers Communications

Wireless services account for roughly 60% of total revenue, driven by 5G network expansion and postpaid subscriber growth. Cable and broadband, bolstered by Shaw integration, make up another 30%, with high-speed internet as a standout performer. Media and publishing contribute the rest, including ownership of Citytv and OMNI networks. For the fiscal year ending December 2024, market cap data reflected C$23.70 billion, rising to C$27.84 billion in 2025 per CompaniesMarketCap as of March 2026.

Key drivers include spectrum auctions, fiber investments, and enterprise 5G contracts. Rogers' valuation trades at a P/E ratio of 3.8x versus the global wireless industry average of 16.3x, as reported by Simply Wall St, suggesting relative value for income-focused investors.

Industry trends and competitive position

The Canadian telecom sector faces consolidation and regulatory scrutiny, with Rogers' Shaw deal approved in 2023 reshaping the oligopoly alongside BCE and Telus. 5G rollout and fixed wireless access are accelerating, where Rogers holds a strong position with extensive spectrum holdings. US investors note parallels to AT&T and Verizon, but Canada's market offers higher ARPU due to fewer competitors.

Why Rogers Communications matters for US investors

Listed on NYSE as RCI, Rogers provides US retail investors direct exposure to Canada's stable telecom market, which benefits from US economic spillovers via trade and content partnerships. Consensus price targets around $36 USD for NYSE:RCI reflect cross-listing dynamics, per MarketBeat. Dividend yields and defensive qualities appeal amid US market volatility.

Conclusion

Rogers Communications continues to navigate telecom consolidation and network upgrades, with the recent JPMorgan price target increase highlighting potential upside. Market cap stability around C$28 billion underscores its scale, while attractive valuations draw attention. US investors gain diversified North American exposure through dual listings, though currency and regulatory risks persist in the sector.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.