Fortis price target raised to C$79 from C$72 at RBC Capital

RBC Capital analyst Robert Kwan raised the firm’s price target on Fortis (FTS) to C$79 from C$72 and keeps a Sector Perform rating on the shares. The company continues to benefit from the favourable energy demand growth trends across its diverse utility footprint, which underpin its improved 7.0% five-year rate base CAGR, with perhaps more to come including in Arizona to accommodate load growth associated with potential data centers, the analyst tells investors in a research note.