Fortis (TSE:FTS) Given New C$72.00 Price Target at Raymond James Financial

Key Points

• Raymond James Financial increased the price target for Fortis from C$69.00 to C$72.00, maintaining an "outperform" rating, indicating a potential upside of 3.37% from the current stock price.
• Fortis has received various upgrades from other banks, including a price target of C$70.00 from Scotiabank and an upgrade to "strong-buy" from CIBC World Markets.
• The stock is currently trading at C$69.65, having experienced a 1.3% increase, with a market capitalization of C$34.46 billion and a P/E ratio of 20.67.

Fortis (TSE:FTS - Get Free Report) had its price target upped by investment analysts at Raymond James Financial from C$69.00 to C$72.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Raymond James Financial's price objective points to a potential upside of 3.37% from the stock's current price.

FTS has been the subject of several other research reports. Scotiabank upped their price target on Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Royal Bank Of Canada increased their price objective on Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Jefferies Financial Group upped their target price on Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. TD Securities set a C$74.00 target price on Fortis and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of C$68.82.

Fortis Trading Up 1.3%

FTS traded up C$0.86 during trading on Tuesday, hitting C$69.65. The company's stock had a trading volume of 606,045 shares, compared to its average volume of 1,644,564. Fortis has a twelve month low of C$57.50 and a twelve month high of C$70.96. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The stock's fifty day moving average price is C$65.50 and its 200-day moving average price is C$64.80. The firm has a market capitalization of C$34.46 billion, a P/E ratio of 20.67, a PEG 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.