Chip stocks fall with Nvidia after data center rev disappointment
Investing.com - Wolfe Research has raised its price target on Fortis Inc. (NYSE:FTS) to $46.00 from $45.00 while maintaining an Underperform rating on the stock. According to InvestingPro data, the stock is currently trading near its 52-week high, with a significant year-to-date return of 23.74%.
The price target increase follows strong year-to-date results from the utility company, with first-half 2025 earnings per share up C$0.16 compared to the same period last year.
Wolfe Research has raised its 2025 earnings estimate by C$0.09 to C$3.52 per share, citing the company’s strong performance in the first half of the year.
The firm also increased its 2026-2027 estimates by C$0.02-0.03 each, attributing the adjustment to lower equity dilution resulting from a higher stock price.
Despite the price target increase, Wolfe Research continues to view Fortis’ premium valuation as full, particularly in light of the stock’s approximately 20% increase year-to-date.
In other recent news, Fortis Inc (TSX:FTS). reported a notable earnings beat for the second quarter of 2025. The company announced earnings per share of $0.76, significantly surpassing the projected $0.51. Fortis Inc.’s revenue also exceeded expectations, attributed to strategic investments and operational efficiencies. Despite the strong financial performance, the stock showed only a modest premarket increase, indicating stable investor sentiment. These developments highlight Fortis Inc.’s effective management and operational strategies. No mergers or acquisitions were reported in the recent updates. Additionally, there were no analyst upgrades or downgrades mentioned in the latest reports. This financial performance reflects positively on Fortis Inc.’s current business strategies and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.