Scotiabank Initiates Coverage on Fortis Incorporated (FTS)
Research analysts at Scotiabank began coverage on shares of Fortis Incorporated (TSE:FTS) in a report released on Monday, AnalystRatings.NET reports. The firm set an “outperform” rating and a C$34.00 price target on the stock. Scotiabank’s price target indicates a potential upside of 9.82% from the stock’s previous close.
Shares of Fortis Incorporated (TSE:FTS) traded up 0.03% during mid-day trading on Monday, hitting $30.96. 452,404 shares of the company’s stock traded hands. Fortis Incorporated has a 52 week low of $29.78 and a 52 week high of $35.14. The stock has a 50-day moving average of $30.98 and a 200-day moving average of $32.71. The company has a market cap of $6.554 billion and a P/E ratio of 17.69.
Separately, analysts at CIBC cut their price target on shares of Fortis Incorporated from C$35.00 to C$34.50 in a research note to investors on Friday, August 2nd. They now have a “sector perform” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Fortis Incorporated presently has an average rating of “Hold” and an average price target of C$34.83.
Fortis Inc (TSE:FTS) is a distribution utility in Canada, serving more than 2,000,000 gas and electricity customers.
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