UPDATE: BMO Capital Markets Downgrades Rogers Communications to Market Perform, Lowers PT on Growing Uncertainty

In a report published Thursday, BMO Capital Markets analyst Tim Casey downgraded the rating on

from Outperform to Market Perform, and lowered the price target from $54.00 to $45.00. In the report, BMO Capital Markets noted, “We are downgrading shares of Rogers Communications to Market Perform. There is growing uncertainty regarding wireless competition that we believe is causing a re-rating of incumbent wireless businesses. As such, we are downgrading shares of large incumbent providers with relatively high exposure to wireless. On a consolidated basis, Rogers, along with TELUS, derives >60% of its EBITDA from wireless, vs. ~30% for BCE and 0% for Shaw. Given that it has the largest base of wireless subscribers, we believe that Rogers has a significant amount to lose from the incursion of a new large, well-capitalized competitor (Verizon).” Rogers Communications closed on Wednesday at $39.80.