As previously reported, Wells Fargo analyst Neil Kalton upgraded Fortis to Equal Weight from Underweight with a price target of C$59, up from C$54. The analyst cites valuation, with shares trading at 5%-7% price-to-earnings multiple discounts versus high-quality Regulated Electrics on his 2023 and 2024 EPS compared to in-line multiples at the time of his downgrade to Underweight; positive regulatory developments for UNS and ITC; and a clearer path toward EPS growth.
Published first on TheFly
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