Raymond James Keeps Their Hold Rating on Fortis Inc (FTS)

By Jason Carr

In a report released today, David Quezada from Raymond James maintained a Hold rating on Fortis Inc (FTSResearch Report), with a price target of $55. The company’s shares closed last Monday at $42.13, close to its 52-week high of $42.62.

Quezada has an average return of 12.7% when recommending Fortis Inc.

According to TipRanks.com, Quezada is ranked #1008 out of 5553 analysts.

Currently, the analyst consensus on Fortis Inc is a Moderate Buy with an average price target of $43.54, which is a 3.9% upside from current levels. In a report released yesterday, 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.