TD Securities last night initiated coverage of Fortis (FTS) with a Buy rating and C$74 price target Fortis “scores in the top three in all categories” as a result of its sector-leading track record and an asset base that is both weighted towards electricity and arguably the most diversified across jurisdictions among the Canadian pure-play utilities, the analyst tells investors in a research note. The firm sees these characteristics as supportive of a higher valuation.
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