The Globe and Mail reports in its Tuesday, April 4, edition that Desjardins Securities analyst Jerome Dubreuil now rates Rogers Communications "hold," down from "buy." The Globe's David Leeder writes in the Eye On Equities column that as well, Mr. Dubreuil lowered his share target by $5 to $68. Analysts on average target the shares at $72.45. Mr. Dubreuil believes most of the potential synergies to be gained from Rogers's $20-billion takeover of Shaw Communications are already figured into the share price. Mr. Dubreuil says in a note: "While we continue to believe the acquisition of SJR is a compelling long-term strategic move for RCI, we believe the company faces meaningful near- to medium-term integration risk, which in our view is not fully reflected in the pro forma multiple discount to peers. Indeed, the stock's discount to BCE is only cheaper than its historical average if we factor in all synergies. In other words, almost all synergies communicated by management are already reflected in the share price on an EV/EBITDA basis. We see potential for more synergies than we have in our model on cross-selling and capex, but we expect these to become more apparent in the future. Integration risk is alleviated by the extended time RCI had to prepare, but we believe this could be offset by the deterioration of SJR's results over the last few quarters."