UBS analyst Jeff Fan believes uncertainty surrounding the search for a permanent chief executive at Rogers Communication Inc. (NYSE:RCI) is the reason its shares are sniffing near their 52-week low. He expects a decision at some point in the second quarter.
“We would be very surprised if the next CEO is not named from within the ‘Office of the President,’ which consists of interim CEO Alan Horn, chief financial officer Bill Linton and chief operating officer Nadir Mohamed,” Mr. Fan wrote in a note to clients.
Investors able to look beyond the current uncertainty will likely be rewarded when the economy begins to recover, he said. He rates the stock a "buy" with a target price of $41.
Rogers shares traded at C$27 this afternoon on the Toronto Stock Exchange, $21.15 (-1.03%) on NYSE.