RCI.B: Symmetrical triangle pattern, Bounce off support ... Long

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RCI             .B.TO

Short term (1 mth             ): Long
Long term (1-3 yrs): Long

Canadian Telecom's have been underperforming in 2014 especially in the last couple months. Rogers             has been the worst performer of the group trading at a significant discount to Telus and Bell because of slowing growth in recent years (Rogers' Net Income actually declined in 2013). With a fat dividend yield over 4%, strong consistent Free Cash Flow, and a sector that really doesn't have much competition I like Rogers             over the long term and forecast it to at least trade back to valuations equal to Telus and Bell. Currently Rogers             trades at a T12 mth             P/E of 13, Telus at 19, and Bell at 18. I think this discrepancy is too large and the soft spots of Rogers             are not as bad as the market believes them to be. I believe that Rogers             will outperform over the next couple years.

With this long term stance, Rogers             also appears attractive in the short term, trading in a symmetrical triangle pattern over the last year. Recently bouncing off the support line I have a short term target of $45 and will be watching closely for a breakout near that point.

With all of this in mind it may still be early for me to be calling the bounce off the support. Rogers             is trading very near the area of support and if breached could mean trouble. Either way I'm comfortable going long this stock.
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