Fortis Inc (TSE:FTS) Price Target Increased to C$49.00 by Analysts at CIBC

Fortis Inc (TSE:FTS) had its target price lifted by CIBC from C$48.00 to C$49.00 in a report issued on Tuesday, October 17th.

Other equities research analysts also recently issued reports about the company. TD Securities increased their price target on Fortis from C$48.00 to C$51.00 and gave the stock a buy rating in a research report on Monday, July 31st. Royal Bank Of Canada cut their price target on Fortis from C$52.00 to C$51.00 and set an outperform rating on the stock in a research report on Monday, July 31st. BMO Capital Markets set a C$51.00 price target on Fortis in a research report on Friday, September 15th. Scotiabank reissued an outperform rating and set a C$50.00 target price on shares of Fortis in a research note on Monday, July 31st. Finally, National Bank Financial reissued a sector perform rating and set a C$49.00 target price (up from C$48.00) on shares of Fortis in a research note on Tuesday, October 17th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of C$48.56.

Shares of Fortis (TSE FTS) opened at 47.13 on Tuesday. Fortis has a one year low of $39.58 and a one year high of $47.36. The stock has a market cap of $19.70 billion and a PE ratio of 20.31. The company’s 50-day moving average price is $45.39 and its 200-day moving average price is $45.12.

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In related news, insider Earl Ludlow sold 35,056 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total value of C$1,628,351.20.

Fortis Company Profile

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

Analyst Recommendations for Fortis (TSE:FTS)

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