Jefferies Financial Group Raises Fortis (TSE:FTS) Price Target to C$72.00

Key Points

• Jefferies Financial Group has raised its price target for Fortis from C$70.00 to C$72.00, indicating a potential upside of 5.82% from the company's previous close.
• Multiple analysts have recently upgraded Fortis, with ratings ranging from "strong-buy" to "buy," contributing to a consensus rating of "hold" and a consensus price target of C$69.80.
• Fortis has a market capitalization of C$34.26 billion and currently trades at C$68.04, reflecting a P/E ratio of 20.01.

Fortis (TSE:FTS - Get Free Report) had its target price lifted by equities researchers at Jefferies Financial Group from C$70.00 to C$72.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. Jefferies Financial Group's price objective would indicate a potential upside of 5.82% from the company's previous close.

Other analysts have also issued research reports about the company. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. Desjardins upgraded Fortis from a "hold" rating to a "moderate buy" rating and upped their price objective for the company from C$71.00 to C$76.00 in a report on Tuesday, August 5th. National Bankshares upped their target price on Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a report on Tuesday, August 5th. TD Securities increased their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Raymond James Financial increased their price objective on Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of C$69.80.

Fortis Price Performance

Shares of Fortis stock traded down C$0.33 during trading on Monday, hitting C$68.04. The stock had a trading volume of 304,320 shares, compared to its average volume of 1,614,835. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The firm has a market cap of C$34.26 billion, a P/E ratio of 20.01, a PEG ratio of 3.01 and a beta of 0.38. The business has a fifty day moving average of C$67.76 and a two-hundred day moving average of C$66.22. Fortis has a fifty-two week low of C$57.98 and a fifty-two week high of C$71.02.

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.

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