Fortis (TSE:FTS) Stock Price Expected to Rise, CIBC Analyst Says

Fortis (TSE:FTS) had its price target raised by research analysts at CIBC from C$68.00 to C$69.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a “neutral” rating on the stock. CIBC’s price objective points to a potential upside of 2.47% from the stock’s previous close.

Other analysts have also issued reports about the company. Royal Bank of Canada boosted their target price on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Raymond James dropped their price target on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Scotiabank lifted their target price on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. UBS Group lifted their price objective on shares of Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Finally, Jefferies Financial Group increased their price objective on shares of Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Fortis has a consensus rating of “Hold” and a consensus target price of C$63.14.

Fortis Price Performance

Shares of FTS opened at C$67.34 on Thursday. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. Fortis has a 52-week low of C$52.19 and a 52-week high of C$67.68. The business’s 50 day moving average price is C$64.57 and its two-hundred day moving average price is C$62.30. The firm has a market cap of C$33.31 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.