CIBC Remains a Hold on Fortis Inc (FTS)

By Ryan Adsit

CIBC analyst Mark Jarvi reiterated a Hold rating on Fortis Inc (FTSResearch Report) yesterday and set a price target of $56. The company’s shares closed last Monday at $41.95, close to its 52-week high of $42.62.

According to TipRanks.com, Jarvi is a 3-star analyst with an average return of 1.9% and a 57.6% success rate. Jarvi covers the Utilities sector, focusing on stocks such as Algonquin Power & Utilities Corp, Just Energy Group Inc, and Northland Power Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Fortis Inc with a $43.92 average price target, representing a 4.7% upside. In a report released today, BMO Capital also downgraded the stock to Hold with a $55 price target.

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Based on Fortis Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $551 million. In comparison, last year the company had a net profit of $199 million.

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Fortis, Inc. is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated.