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

Key Points

• TD Securities raised its price target for Fortis from C$74.00 to C$77.00, indicating a potential upside of 10.55% from the company's previous close.
• Fortis currently holds a consensus rating of "Hold" with an average target price of C$68.82, with ratings ranging from sell to strong buy from various analysts.
• As of Tuesday, Fortis stock was trading at C$69.65, showing a recent increase, and has a market capitalization of C$34.46 billion.

Fortis (TSE:FTS - Get Free Report) had its price objective hoisted by equities research analysts at TD Securities from C$74.00 to C$77.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. TD Securities' price target indicates a potential upside of 10.55% from the company's previous close.

Several other analysts have also recently issued reports on the company. Jefferies Financial Group upped their price objective on Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Cibc World Mkts raised Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st. CIBC boosted their target price on Fortis from C$68.00 to C$69.00 and gave the company a "neutral" rating in a research report on Thursday, April 24th. National Bankshares boosted their target price on Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a research report on Tuesday. Finally, Desjardins raised Fortis from a "hold" rating to a "buy" rating and boosted their target price for the company from C$71.00 to C$76.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortis presently has a consensus rating of "Hold" and an average target price of C$68.82.

Fortis Price Performance

FTS traded up C$0.86 during trading on Tuesday, reaching C$69.65. 606,045 shares of the company traded hands, compared to its average volume of 1,644,564. 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 12-month low of C$57.50 and a 12-month high of C$70.96. The firm has a fifty day simple moving average of C$65.50 and a 200 day simple moving average of C$64.80. The company has a market cap 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.

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