TD Securities Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its target price upped by equities research analysts at TD Securities from C$77.00 to C$79.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ price objective would indicate a potential upside of 10.55% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Royal Bank Of Canada lifted their target price on Fortis from C$72.00 to C$79.00 in a report on Wednesday. Desjardins lifted their target price on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. National Bankshares lifted their target price on Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, August 5th. Jefferies Financial Group lifted their price target on Fortis from C$70.00 to C$72.00 in a report on Monday, September 15th. Finally, Scotiabank lifted their price target on Fortis from C$70.00 to C$73.00 and gave the stock a “sector perform” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Fortis has a consensus rating of “Moderate Buy” and an average price target of C$73.65.

Fortis Stock Up 0.3%

TSE:FTS traded up C$0.22 during midday trading on Wednesday, reaching C$71.46. The company had a trading volume of 472,628 shares, compared to its average volume of 1,550,804. The firm has a market capitalization of C$35.99 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 3.01 and a beta of 0.29. The stock’s fifty day simple moving average is C$69.77 and its 200-day simple moving average is C$67.73. Fortis has a 12-month low of C$57.98 and a 12-month high of C$73.43. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

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.