J P Morgan Chase & Co Trims Fortis Inc (FTS) Target Price to C$45.00
Fortis Inc (TSE:FTS) had its price target cut by investment analysts at J P Morgan Chase & Co from C$46.00 to C$45.00 in a research note issued to investors on Tuesday. J P Morgan Chase & Co’s price target indicates a potential downside of 0.11% from the stock’s previous close.
Several other research firms also recently commented on FTS. Royal Bank Of Canada cut their target price on Fortis from C$52.00 to C$51.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. BMO Capital Markets set a C$51.00 target price on Fortis in a research report on Friday, September 15th. Scotiabank restated an “outperform” rating and set a C$50.00 target price on shares of Fortis in a research report on Monday, July 31st. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating and raised their target price for the stock from C$47.00 to C$48.00 in a research report on Thursday, August 3rd. Finally, TD Securities raised their target price on Fortis from C$48.00 to C$51.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of C$48.00.
Fortis (TSE:FTS) traded down 1.40% during midday trading on Tuesday, hitting $44.42. The company had a trading volume of 523,904 shares. Fortis has a one year low of $39.58 and a one year high of $47.06. The company’s 50 day moving average is $45.54 and its 200-day moving average is $44.71. The company has a market cap of $18.56 billion and a P/E ratio of 19.14.
Fortis Company Profile
Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.
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