Fortis just downgraded at JPMorgan, here’s why

JPMorgan downgraded Fortis to Underweight from Neutral with a C$53 price target. The analyst applied and “modest caution” to the company’s outlook for 2024. The firm prefers U.S. utilities within its “quality at a reasonable price framework,” and sees 2023 Canadian utility outperformance leaving Fortis at less attractive levels exiting 2023 relative to its U.S. peers.