CIBC Boosts Fortis (TSE:FTS) Price Target to C$74.00

Key Points

• CIBC raised the price target for Fortis from C$72.00 to C$74.00, indicating a potential upside of 2.46% from the stock's previous close.
• Other analysts have also increased their price targets for Fortis, with TD Securities raising theirs to C$77.00 and Scotiabank to C$73.00.
• Fortis currently has a consensus rating of "Moderate Buy" and a target price of C$71.78 based on several analysts' evaluations.

Fortis (TSE:FTS - Get Free Report) had its price target boosted by CIBC from C$72.00 to C$74.00 in a report released on Tuesday,BayStreet.CA reports. CIBC's price target would suggest a potential upside of 2.46% from the company's previous close.

A number of other analysts have also recently weighed in on the company. TD Securities upped their price target on Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Scotiabank upped their price target on Fortis from C$70.00 to C$73.00 and gave the company a "sector perform" rating in a research report on Monday, October 6th. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st. Jefferies Financial Group upped their price target on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. Finally, Raymond James Financial upped their price target on Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fortis has a consensus rating of "Moderate Buy" and a consensus target price of C$71.78.

Fortis Stock Performance

Shares of FTS traded down C$0.21 on Tuesday, reaching C$72.22. 224,245 shares of the stock traded hands, compared to its average volume of 1,547,839. The firm has a market cap of C$36.37 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 3.01 and a beta of 0.28. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a 12 month low of C$57.98 and a 12 month high of C$72.95. The stock's 50-day moving average price is C$69.46 and its 200-day moving average price is C$67.19.

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.

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