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Fortis price target raised to C$64 from C$63 at CIBC
The Fly

Fortis price target raised to C$64 from C$63 at CIBC

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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