Desjardins Upgrades Fortis (TSE:FTS) to “Moderate Buy”

Fortis (TSE:FTS) was upgraded by stock analysts at Desjardins from a “hold” rating to a “moderate buy” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a C$76.00 price objective on the stock, up from their prior price objective of C$71.00. Desjardins’ target price indicates a potential upside of 9.67% from the stock’s previous close. 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.

Other analysts have also recently issued reports about the company. Royal Bank Of Canada raised their price target on 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 objective on Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Raymond James Financial raised their target price on Fortis from C$69.00 to C$72.00 and gave the stock an “outperform” rating in a research report on Tuesday. Scotiabank upped their price target on 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, Cibc World Mkts upgraded shares of Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of C$68.82.

Fortis Price Performance

Shares of FTS opened at C$69.30 on Tuesday. The firm has a market capitalization of C$34.28 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 3.01 and a beta of 0.23. The firm’s fifty day simple moving average is C$65.60 and its 200-day simple moving average is C$64.87. Fortis has a twelve month low of C$57.98 and a twelve month high of C$70.96. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

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.