TD Securities Downgrades Fortis Incorporated to Hold (FTS)
Fortis Incorporated (TSE:FTS) was downgraded by TD Securities from a “buy” rating to a “hold” rating in a research note issued on Monday, AnalystRatingsNetwork.com reports. They currently have a C$34.00 price target on the stock, down from their previous price target of C$36.00. TD Securities’ price objective suggests a potential upside of 5.13% from the stock’s previous close.
Shares of Fortis Incorporated (TSE:FTS) traded down 0.40% during mid-day trading on Monday, hitting $32.34. 577,189 shares of the company’s stock traded hands. 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 P/E ratio of 18.55.
FTS has been the subject of a number of other recent research reports. 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price 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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