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

Fortis (TSE:FTS) had its price target boosted by equities researchers at Raymond James Financial from C$72.00 to C$75.50 in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Raymond James Financial’s target price suggests a potential upside of 4.92% from the company’s previous close.

Several other research firms have also issued reports on FTS. Scotiabank upped their price target on 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. National Bankshares upped their price target on Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 5th. Jefferies Financial Group upped their price target on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. Cibc World Mkts upgraded Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Finally, TD Securities upped their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$72.50.

Fortis Stock Performance

FTS stock opened at C$71.96 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The firm has a market cap of C$36.24 billion, a P/E ratio of 21.16, a P/E/G ratio of 3.01 and a beta of 0.28. Fortis has a 12-month low of C$57.98 and a 12-month high of C$73.43. The stock’s 50 day simple moving average is C$69.66 and its 200 day simple moving average is C$67.41.

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.