CIBC analyst Mark Jarvi raised the firm’s price target on Fortis (FTS) to C$64 from C$63 and keeps a Neutral rating on the shares. The firm values Fortis based on a multiple of adjusted EPS, the analyst tells investors. The firm is using a multiple above its Canadian utility peers given the company’s stronger scale, growth outlook, and diversification. Additionally, as a “dependable utility,” the firm expects Fortis to hold its multiple. The next key regulatory decision for the company is the Central Hudson rate case, with new rates expected in mid-2025, the firm adds.
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Read More on FTS:
- Fortis price target raised to C$64 from C$63 at National Bank
- Fortis Inc. Announces Board of Directors Changes
- Fortis Inc. Announces $500 Million Share Distribution Plan
- Fortis Renews Equity Program for Financial Flexibility
- Fortis Announces 2025 First Quarter Dividend Details
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
