Jefferies Financial Group Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price target boosted by equities researchers at Jefferies Financial Group from C$67.00 to C$70.00 in a report released on Monday,BayStreet.CA reports. Jefferies Financial Group’s price objective indicates a potential upside of 5.84% from the stock’s previous close.

Other equities analysts have also issued reports about the company. UBS Group increased their price target on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Royal Bank of Canada raised their target price on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. CIBC boosted their price target on shares of Fortis from C$65.00 to C$68.00 in a research report on Friday, April 4th. Raymond James lifted their price objective on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Finally, Scotiabank increased their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$63.05.

Fortis Stock Up 0.5 %

FTS stock opened at C$66.14 on Monday. The firm’s 50-day moving average is C$63.90 and its two-hundred day moving average is C$61.99. The company has a market capitalization of C$32.72 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$67.52. 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.