Fortis (TSE:FTS) Price Target Raised to C$73.00 at Scotiabank

Key Points

• Scotiabank has raised its price target for Fortis from C$70.00 to C$73.00, indicating a potential upside of 3.93% from the current stock price.
• Multiple analysts have increased their price targets for Fortis, with Raymond James raising it to C$72.00 and TD Securities raising it to C$77.00, reflecting positive sentiment towards the stock.
• Fortis currently has a market cap of C$35.37 billion, with a consensus rating of "Moderate Buy" and an average target price of C$71.22.

Fortis (TSE:FTS - Get Free Report) had its price target upped by equities researchers at Scotiabank from C$70.00 to C$73.00 in a research note issued to investors on Monday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's price target indicates a potential upside of 3.93% from the stock's current price.

Other research analysts have also issued research reports about the company. Raymond James Financial increased their target price on Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Desjardins upgraded Fortis from a "hold" rating to a "moderate buy" rating and increased their price objective for the stock from C$71.00 to C$76.00 in a report on Tuesday, August 5th. TD Securities boosted their target price on shares of Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Jefferies Financial Group upped their target price on shares of Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. Finally, National Bankshares lifted their price target on shares of Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of "Moderate Buy" and a consensus target price of C$71.22.

Fortis Trading Up 0.1%

FTS stock traded up C$0.10 during trading on Monday, reaching C$70.24. The company had a trading volume of 307,869 shares, compared to its average volume of 1,581,093. Fortis has a 52 week low of C$57.98 and a 52 week high of C$71.02. The company has a market cap of C$35.37 billion, a P/E ratio of 20.66, a PEG ratio of 3.01 and a beta of 0.28. The business has a 50 day moving average of C$68.86 and a 200 day moving average of C$66.70. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

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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