1054 ET - Fortis's premium valuation is justified by the utility's strong position and incremental capex opportunities, but there looks to be little room for multiple expansionfrom here, Jefferies reckons. It initiates coverage with a hold call and C$67 target price. Jefferies' analysts forecast about 5% compound annual EPS growth for Fortis through 2029, assuming flat foreign exchange rates. Still, they also see limited balance sheet flexibility, which could be exacerbated by forex swings and/or tax reform. Fortis now up 0.7% at C$63.12. (robb.stewart@wsj.com; @RobbMStewart)
(END) Dow Jones Newswires
February 13, 2025 10:54 ET (15:54 GMT)
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