Fortis Inc T.FTS

CS on FTS

[Dibah420]

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Fortis Neutral Rating Reiterated by Credit Suisse Following Presentations

 

21 May 202109:45 ET

 

09:45 AM EDT, 05/21/2021 (MT Newswires) -- Credit Suisse on Friday reiterated its neutral rating of the share of Fortis (FTS. TO) with a C$58.00 target price following investor presentations.

"In our view, FTS continues to face robust growth prospects across much of the portfolio, but three areas tend to garner the most interest. Firstly, transmission faces great scrutiny, in part, given FERC's past Supplemental Notice of Proposed Rulemaking (NOPR) (RM20-10-000) related to transmission incentives. We believe FERC's statements (albeit on a split decision) are disconnected from most intended policy direction. Regardless of this situation ITC and other areas (like the Lake Erie Connector) look positive for growth. Secondly, as in the past, the corporate planning process is in full swing and backfilling of the typical "out years" growth capital decline feels poised to deliver again. Thirdly, a few of the recent industry transactional marks provide optionality, but also highlight the benefit of the FTS organic growth story across the portfolio," the investment bank said in a research note.