UBS Warburg cable debt and equity analyst Aryeh Bourkoff reduced his rating on Rogers Communications Inc. from "buy 2" to "neutral 2" last week, citing that the Canadian cable operator's recent run-up in price has reduced the upside of the stock.
Rogers stock has risen about 10% in the past month, and at $16.16 as of Nov. 24, the shares were close to Bourkoff's 12-month price target of $18.97 ($24.75 Canadian).
Bourkoff wrote in a report that he believes that Rogers is a strong performer — it reported 11% revenue growth and operating profit grew 29% in the third quarter.
"The rating change is based only on valuation," Bourkoff wrote. "Our view of the company's fundamentals are unchanged."