Raymond James Financial Forecasts Strong Price Appreciation for Hydro One (TSE:H) Stock

Key Points

• Raymond James Financial has raised the price target for Hydro One's stock from C$48.00 to C$49.00, indicating a potential downside of 3.35% from its current price.
• Other analysts have also increased their target prices for Hydro One, with Desjardins setting a target of C$58.00 and Wells Fargo adjusting theirs to C$52.00, reflecting strong upward sentiment.
• Hydro One's stock is currently trading at C$50.70, with a market capitalization of C$30.40 billion and a P/E ratio of 26.74.

Hydro One (TSE:H - Get Free Report) had its price target lifted by investment analysts at Raymond James Financial from C$48.00 to C$49.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a "market perform" rating on the stock. Raymond James Financial's target price would suggest a potential downside of 3.35% from the stock's current price.

A number of other analysts have also weighed in on H. National Bankshares upped their target price on shares of Hydro One from C$47.00 to C$48.00 and gave the stock a "sector perform" rating in a report on Thursday. Desjardins set a C$58.00 target price on shares of Hydro One and gave the stock a "buy" rating in a report on Tuesday. Wells Fargo & Company upped their target price on shares of Hydro One from C$47.00 to C$52.00 in a report on Friday, May 9th. BMO Capital Markets upped their target price on shares of Hydro One from C$46.00 to C$50.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. Finally, TD Securities upped their target price on shares of Hydro One from C$52.00 to C$54.00 and gave the stock a "hold" rating in a report on Thursday. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Hydro One currently has a consensus rating of "Hold" and a consensus target price of C$51.00.

Hydro One Stock Performance

Shares of TSE H traded up C$0.29 during midday trading on Thursday, hitting C$50.70. The company's stock had a trading volume of 268,915 shares, compared to its average volume of 1,001,420. The stock has a fifty day moving average price of C$49.16 and a 200 day moving average price of C$48.70. Hydro One has a one year low of C$42.52 and a one year high of C$53.98. The company has a current ratio of 0.58, a quick ratio of 0.30 and a debt-to-equity ratio of 140.53. The firm has a market capitalization of C$30.40 billion, a price-to-earnings ratio of 26.74, a P/E/G ratio of 3.17 and a beta of 0.34.

About Hydro One

Hydro One operates regulated transmission and distribution assets in Ontario. The area's largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company's rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business, Acronym Solutions, with annual revenue contributing less than 1% to consolidated results.

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