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Fortis price target raised to C$64 from C$61 at BofA

BofA raised the firm’s price target on Fortis (FTS) to C$64 from C$61 and keeps an Underperform rating on the shares. The firm, which revised its price target to reflect updated valuation multiples and a more conservative outlook for the regulatory environment in Arizona and New York, expects Fortis to report Q2 operating EPS of C$0.68, slightly below consensus of C$0.70 per share.

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