Raymond James upgraded Fortis (FTS) to Outperform from Market Perform with a C$69 price target The firm expects generally mixed results for the regulated utilities within its coverage, the analyst tells investors in a research note. Raymond James says Fortis is executing on its $26B five-year capital plan, with targeted investments in transmission through ITC, resource transition initiatives in Arizona, and infrastructure to support customer growth across its diverse utility footprint, and its diversified North America footprint, solid 6+% rate base growth, and growth upside stemming from exposure to durable investment themes bode well for the company.
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