Raymond James Financial Raises Fortis (TSE:FTS) Price Target to C$75.50

Key Points

• Raymond James Financial has raised its price target for Fortis from C$72.00 to C$75.50, maintaining an "outperform" rating, which suggests a potential upside of 4.79% from the current price.
• Multiple other firms have also increased their price targets for Fortis, with TD Securities setting a target of C$77.00 and Desjardins at C$79.00, indicating a generally positive outlook.
• Fortis currently has a market capitalization of C$36.28 billion and a consensus rating of "Moderate Buy" among analysts, reflecting overall confidence in its stock.

Fortis (TSE:FTS - Get Free Report) had its target price lifted by equities research analysts at Raymond James Financial from C$72.00 to C$75.50 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's target price would indicate a potential upside of 4.79% from the company's current price.

A number of other research firms have also recently weighed in on FTS. National Bankshares raised their price target 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. Cibc World Mkts raised Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. CIBC raised their price target on Fortis from C$72.00 to C$74.00 in a report on Tuesday. TD Securities raised their price target on Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, Desjardins raised their price target on Fortis from C$76.00 to C$79.00 and gave the company a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Fortis has a consensus rating of "Moderate Buy" and a consensus target price of C$72.50.

Fortis Price Performance

Shares of FTS traded down C$0.21 during mid-day trading on Friday, reaching C$72.05. The company had a trading volume of 189,879 shares, compared to its average volume of 1,550,416. Fortis has a twelve month low of C$57.98 and a twelve month high of C$73.43. 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 company's 50-day moving average is C$69.63 and its 200-day moving average is C$67.32. The company has a market capitalization of C$36.28 billion, a P/E ratio of 21.19, a P/E/G ratio of 3.01 and a beta of 0.28.

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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