Fortis Incorporated Rating Lowered to Neutral at CSFB (FTS)
Fortis Incorporated (TSE:FTS) was downgraded by research analysts at CSFB from an “outperform” rating to a “neutral” rating in a report released on Tuesday, Analyst Ratings Net reports. They currently have a C$32.00 price target on the stock, down from their previous price target of C$36.00. CSFB’s target price points to a potential upside of 5.96% from the stock’s previous close.
Shares of Fortis Incorporated (TSE:FTS) traded down 0.76% on Tuesday, hitting $29.97. 495,700 shares of the company’s stock traded hands. Fortis Incorporated has a 52 week low of $29.51 and a 52 week high of $35.14. The stock has a 50-day moving average of $30. and a 200-day moving average of $31.22. The company has a market cap of $6.366 billion and a price-to-earnings ratio of 17.46.
A number of other firms have also recently commented on FTS. Analysts at National Bank Financial reiterated a “sector perform” rating on shares of Fortis Incorporated in a research note to investors on Monday. They now have a C$33.00 price target on the stock. Separately, analysts at TD Securities upgraded shares of Fortis Incorporated from a “hold” rating to a “buy” rating in a research note to investors on Monday. They now have a C$36.00 price target on the stock, up previously from C$34.00. Finally, analysts at Scotiabank raised their price target on shares of Fortis Incorporated from C$35.00 to C$36.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of C$34.05.
Fortis Inc (TSE:FTS) is a distribution utility in Canada, serving more than 2,000,000 gas and electricity customers.
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