Canadian Imperial Bank of Commerce Lowers Fortis (TSE:FTS) Price Target to C$78.00

Key Points

• Canadian Imperial Bank of Commerce lowered Fortis’s price target from C$82 to C$78, implying approximately 2.94% upside from the previous close.
• Analyst sentiment remains positive overall, with five Buy ratings and five Hold ratings; Fortis has a “Moderate Buy” consensus rating and an average price target of C$79.86.
• Fortis shares traded at C$75.77, while the company recently reported quarterly EPS of C$0.78 and revenue of C$2.93 billion.

Fortis (TSE:FTS - Get Free Report) had its target price decreased by stock analysts at Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 in a report released on Tuesday, BayStreet reports. Canadian Imperial Bank of Commerce's target price suggests a potential upside of 2.94% from the company's previous close.

A number of other research analysts have also weighed in on the stock. Desjardins raised their price target on shares of Fortis from C$81.00 to C$85.00 and gave the company a "buy" rating in a research note on Monday, July 20th. National Bank Financial increased their target price on Fortis from C$75.00 to C$82.00 and gave the company a "sector perform" rating in a report on Monday, June 1st. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Fortis presently has an average rating of "Moderate Buy" and an average target price of C$79.86.

Fortis Price Performance

FTS traded up C$0.47 during trading on Tuesday, hitting C$75.77. The company's stock had a trading volume of 286,504 shares, compared to its average volume of 1,601,346. The firm has a market capitalization of C$38.71 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 3.01 and a beta of 0.34. Fortis has a twelve month low of C$67.62 and a twelve month high of C$83.75. The business's fifty day simple moving average is C$78.28 and its 200 day simple moving average is C$78.37. The company has a current ratio of 0.56, a quick ratio of 0.36 and a debt-to-equity ratio of 143.60.

Fortis (TSE:FTS - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported C$0.78 earnings per share (EPS) for the quarter. The firm had revenue of C$2.93 billion for the quarter. Fortis had a return on equity of 7.43% and a net margin of 14.72%. On average, equities research analysts forecast that Fortis will post 3.3419913 EPS for the current fiscal year.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.

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