Fortis (FTS) Gets a Hold Rating from CIBC

CIBC analyst Mark Jarvi maintained a Hold rating on Fortis (FTSResearch Report) yesterday and set a price target of C$59.00. The company’s shares closed last Monday at $43.66, close to its 52-week high of $44.49.

According to TipRanks.com, Jarvi is a 4-star analyst with an average return of 9.0% and a 66.2% success rate. Jarvi covers the Utilities sector, focusing on stocks such as Brookfield Renewable Partners, Algonquin Power & Utilities, and Northland Power.

Currently, the analyst consensus on Fortis is a Moderate Buy with an average price target of $42.75, which is a -2.2% downside from current levels. In a report issued on January 29, Raymond James also maintained a Hold rating on the stock with a C$55.00 price target.

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Fortis’ market cap is currently $20.15B and has a P/E ratio of 16.12. The company has a Price to Book ratio of 1.62.

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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.