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Fortis' Q4 Earnings Rise Driven by Rate Base Growth
ByAinvest
Monday, Jul 21, 2025 3:06 pm ET1min read
Fortis shares rose after CIBC upgraded the company to Outperform from Neutral, with a price target of CA$70. Fortis reported Q1 2025 earnings, with revenue at CA$3.34B, beating FactSet's estimate of CA$3.13B, and EPS at CA$1, matching the estimate. The company also closed a senior unsecured notes offering, and UBS adjusted its price target on Fortis to CA$63 from CA$58, keeping its Sell rating.
Fortis Inc. (TSX: FTS) experienced a significant boost in its share price on July 2, 2025, after Canadian Imperial Bank of Commerce (CIBC) upgraded the company's rating to "Outperform" from "Neutral." CIBC also raised its price target to CA$70, reflecting a positive outlook on Fortis' financial performance.The upgrade comes on the heels of Fortis' Q1 2025 earnings report, which showed robust financial results. The company reported revenue of CA$3.34 billion, surpassing FactSet's estimate of CA$3.13 billion. Earnings per share (EPS) were CA$1, matching FactSet's estimate. This strong performance was driven by rate-base growth, a key indicator of the company's operational efficiency.
In addition to the earnings report, Fortis also closed a senior unsecured notes offering, raising CAD 600 million. The funds will be used to support the company's capital projects and growth initiatives. UBS, another financial institution, adjusted its price target on Fortis to CA$63 from CA$58, while maintaining its "Sell" rating.
These developments have contributed to a positive market sentiment for Fortis, with investors optimistic about the company's future prospects. Fortis continues to focus on its strategic initiatives and capital projects to drive growth and enhance shareholder value.
References:
[1] https://www.marketscreener.com/news/fortis-shares-rise-after-cibc-upgrade-ce7c5cdcdb8ff520
[2] https://www.marketscreener.com/news/granite-real-estate-investment-trust-maintains-monthly-dividend-at-ca-0-2833-a-unit-payable-aug-15-ce7c5cded988f526
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