Rogers (RCI) drops after TD Cowen downgrade, leverage focus returns
Rogers Communications (RCI) is sliding as TD Cowen downgraded the stock to Hold on April 2, 2026, pressuring sentiment around the company’s risk/reward. The move also comes days after Rogers completed pricing on $2.0 billion of long-dated subordinated notes at 6.875% and 6.250%, refocusing investors on leverage and financing costs.
1) What’s moving the stock
Rogers Communications (RCI) is down sharply in U.S. trading as a fresh analyst downgrade hit the tape early Thursday. TD Cowen downgraded Rogers to Hold on April 2, 2026, a call that can trigger near-term de-risking and repositioning in a name already sensitive to leverage and competitive intensity. (streetinsider.com)
2) Why the market is reacting now
The downgrade lands with investors already focused on balance-sheet risk after Rogers’ recent refinancing activity. On March 24, 2026, the company priced a two-tranche subordinated financing: US$750 million of 6.875% fixed-to-fixed subordinated notes due 2056 and C$1.25 billion of 6.250% fixed-to-fixed subordinated notes due 2056, with proceeds intended to repay existing debt. Even though refinancing can reduce near-term maturity risk, the coupons and subordinated structure keep attention on the company’s cost of capital and leverage overhang. (about.rogers.com)
3) What’s next for investors
The next major scheduled catalyst is earnings: Rogers plans to release first-quarter 2026 results before North American markets open on Wednesday, April 22, 2026, followed by an 8:00 a.m. ET teleconference the same morning. With the stock reacting negatively today, investors will likely scrutinize any updates on wireless pricing, synergy capture, and free-cash-flow trajectory versus financing costs. (about.rogers.com)