Fortis Kept at Market Perform at BMO Following Q1 Results; Price Target Raised to C$58.50
11:59 AM EDT, 05/02/2024 (MT Newswires) -- BMO Capital Markets on Thursday reiterated its market-perform rating on the shares of Fortis (FTS.TO, FTS) while raising its price target to C$58.50 from C$58.00 following firs-quarter results from the utility holding company.
"The Q1/24 results highlight that EPS growth should sustain as regulatory lag eases and solid project execution on the $25B growth backlog advances. To be sure, uncertainties on interest rates and regulatory proceedings (i.e Iowa ROFR) persist, but USD/CAD F/X and capex trends are in FTS' favor. As such, we remain comfortable holding the shares especially given 99% regulated assets limiting EPS downside potential. Maintain Market Perform rating and target to $58.50 vs. $58.00," analyst Ben Pham wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 54.56, Change: +0.20, Percent Change: +0.37