Edward Jones Downgrades Fortis Inc. (FTS) to Hold

Edward Jones analyst Mike Doyle downgraded Fortis Inc. (NYSE: FTS) from Buy to Hold.

The analyst comments "We are downgrading shares of Fortis to a Hold from a Buy. Shares trade at a premium price to-earnings (P/E) ratio to peers. This premium to peers is currently close to the peak it has reached in recent years. We continue to expect Fortis will grow its earnings and dividends via investments in its utilities. However, in our view, utility regulation in Arizona has become less supportive. Additionally, recent challenges to the rates Fortis charges at its transmission business in Iowa have made us less positive on shares at the current premium P/E ratio."

For an analyst ratings summary and ratings history on Fortis Inc. click here. For more ratings news on Fortis Inc. click here.

Shares of Fortis Inc. closed at $47.36 yesterday.

You May Also Be Interested In

• BofA Securities Downgrades LENZ Therapeutics Inc (LENZ) to Neutral
• Riskified Ltd. (RSKD) PT Raised to $5.50 at Goldman Sachs
• Merit Medical Systems, Inc. (MMSI) PT Raised to $97 at BofA Securities