CIBC Issues Positive Forecast for Fortis (TSE:FTS) Stock Price

Fortis (TSE:FTS - Get Free Report) had its price target increased by analysts at CIBC from C$65.00 to C$68.00 in a research note issued on Friday,BayStreet.CA reports. CIBC's target price suggests a potential upside of 8.49% from the company's previous close.

Several other equities analysts also recently weighed in on the company. UBS Group raised their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the company a "hold" rating in a research report on Thursday, February 13th. Raymond James lifted their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Royal Bank of Canada increased their price target on shares of Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Finally, Scotiabank boosted their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the stock a "sector perform" rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of C$62.77.

Fortis Stock Down 1.2 %

Shares of FTS traded down C$0.77 during mid-day trading on Friday, reaching C$62.68. The company had a trading volume of 2,535,143 shares, compared to its average volume of 1,783,140. 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 company has a market capitalization of C$31.01 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The firm has a 50-day moving average price of C$63.64 and a 200 day moving average price of C$61.88. Fortis has a 52 week low of C$51.02 and a 52 week high of C$67.52.

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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.