CIBC Raises Fortis (TSE:FTS) Price Target to C$74.00

Fortis (TSE:FTS) had its price objective boosted by equities researchers at CIBC from C$72.00 to C$74.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. CIBC’s price target points to a potential upside of 1.55% from the company’s current price.

A number of other analysts have also recently weighed in on FTS. Raymond James Financial increased their target price on shares of Fortis from C$69.00 to C$72.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Scotiabank increased their target price on shares of Fortis from C$70.00 to C$73.00 and gave the company a “sector perform” rating in a research report on Monday, October 6th. Jefferies Financial Group increased their target price on shares of Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. TD Securities raised their price objective on shares of Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Finally, National Bankshares raised their target price on shares of Fortis from C$65.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$72.11.

Fortis Stock Performance

Shares of Fortis stock opened at C$72.87 on Tuesday. The firm has a market cap of C$36.70 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 3.01 and a beta of 0.28. The firm’s 50-day simple moving average is C$69.58 and its 200-day simple moving average is C$67.27. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. Fortis has a 1 year low of C$57.98 and a 1 year high of C$73.43.

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.