Canaccord Genuity Downgrades Fortis Incorporated to Hold (FTS)
Fortis Incorporated (TSE:FTS) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Stock Ratings Network reports.
Shares of Fortis Incorporated (TSE:FTS) traded down 0.40% during mid-day trading on Monday, hitting $32.34. The stock had a trading volume of 577,189 shares. Fortis Incorporated has a 1-year low of $29.78 and a 1-year high of $35.14. The stock’s 50-day moving average is $31.58 and its 200-day moving average is $32.20. The company has a market cap of $6.749 billion and a price-to-earnings ratio of 18.55.
Several other analysts have also recently commented on the stock. Analysts at TD Securities downgraded shares of Fortis Incorporated from a “buy” rating to a “hold” rating in a research note to investors on Monday. They now have a C$34.00 price target on the stock, down previously from C$36.00. Separately, analysts at Scotiabank raised their price target on shares of Fortis Incorporated from C$34.00 to C$35.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Finally, analysts at Scotiabank initiated coverage on shares of Fortis Incorporated in a research note to investors on Monday, October 7th. They set an “outperform” rating and a C$34.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of C$34.67.
Fortis Inc (TSE:FTS) is a distribution utility in Canada, serving more than 2,000,000 gas and electricity customers.
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