Fortis (TSE:FTS) Upgraded at Desjardins

Key Points

• Fortis has been upgraded by Desjardins from a "hold" rating to a "buy" rating, with a new price target of C$76.00, indicating a potential upside of 9.12% from its previous close.
• Other analysts have also raised their target prices, with Jefferies, CIBC, and Raymond James increasing their targets to between C$70.00 and C$72.00.
• Fortis stock traded up 1.3% to C$69.65 during mid-day trading, with a total market cap of C$34.46 billion.

Fortis (TSE:FTS - Get Free Report) was upgraded by Desjardins from a "hold" rating to a "moderate buy" rating in a research report issued on Tuesday, Marketbeat reports. The firm currently has a C$76.00 price objective on the stock, up from their prior price objective of C$71.00. Desjardins' price target suggests a potential upside of 9.67% from the stock's current price. Desjardins also issued estimates for Fortis' FY2025 earnings at $3.47 EPS, FY2026 earnings at $3.65 EPS and FY2027 earnings at $3.92 EPS.

Several other research firms have also weighed in on FTS. Royal Bank Of Canada upped their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Jefferies Financial Group increased their price target on shares of Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Raymond James Financial increased their price target on shares of Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a research note on Tuesday. TD Securities set a C$74.00 price target on shares of Fortis and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Scotiabank increased their price target on shares of Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of C$68.82.

Fortis Stock Down 0.2%

Shares of TSE:FTS opened at C$69.30 on Tuesday. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The company has a market cap of C$34.28 billion, a PE ratio of 20.57, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$57.98 and a 52 week high of C$70.96. The firm has a 50 day simple moving average of C$65.60 and a 200 day simple moving average of C$64.87.

Fortis Company Profile

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.