National Bankshares Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Key Points

• National Bankshares increased its target price for Fortis (TSE:FTS) from C$65.00 to C$67.00, signaling a potential downside of 3.80% from the stock's previous close.
• Several other brokerages, including Royal Bank of Canada and CIBC, have also raised their target prices for Fortis, with the average target price now at C$68.82.
• Fortis shares traded up 1.3% to C$69.65 with a market capitalization of C$34.46 billion and a current debt-to-equity ratio of 142.31.

Fortis (TSE:FTS - Get Free Report) had its target price hoisted by equities researchers at National Bankshares from C$65.00 to C$67.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. National Bankshares' price target indicates a potential downside of 3.80% from the company's previous close.

A number of other brokerages have also commented on FTS. Royal Bank Of Canada raised their target price on shares of Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 8th. TD Securities set a C$74.00 target price on shares of Fortis and gave the stock a "buy" rating in a research report on Friday, June 27th. CIBC raised their target price on shares of Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a research report on Thursday, April 24th. Scotiabank lifted their price objective on shares of Fortis from C$66.00 to C$70.00 and gave the company a "sector perform" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group lifted their price objective on shares of Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortis has an average rating of "Hold" and an average target price of C$68.82.

Fortis Trading Up 1.3%

TSE FTS traded up C$0.86 during trading on Tuesday, hitting C$69.65. The stock had a trading volume of 606,045 shares, 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. The stock has a market capitalization of C$34.46 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a one year low of C$57.50 and a one year high of C$70.96. The stock has a 50 day simple moving average of C$65.50 and a 200 day simple moving average of C$64.80.

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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