Rogers’ Spending Cut Plan Prompts Two Analysts to Boost Ratings

Rogers Communications Inc.’s decision to pull back on capital spending and boost free cash flow this year prompted at least two analysts to raise their recommendation on the telecommunications firm after the company released its first-quarter results Wednesday.

TD Cowen analyst Vince Valentini upgraded Rogers to a buy rating from hold on Thursday morning, and left the company’s rivals Telus Corp. and BCE Inc. on hold. He earlier downgraded the Canadian telecoms on April 2, citing price competition and lower revenue expectations.