Fri Sep 20 13:11:21 UTC 2024: ## Fortis Stock Gets “Underperform” Rating from Bank of America

**New York, NY – September 20th, 2024** – Bank of America has initiated coverage on Fortis (NYSE: FTS), a Canadian electric and gas utility provider, giving the stock an “underperform” rating. This comes amidst mixed signals from other analysts, with StockNews.com upgrading Fortis to a “hold” rating and UBS Group issuing a “strong sell” rating.

According to MarketBeat, the consensus rating for Fortis is currently “Reduce” with a target price of $49.00. This is based on three sell ratings and two hold ratings.

Fortis recently reported earnings for the quarter ending July 31st, beating analyst estimates with $0.49 EPS. The company’s revenue, however, fell slightly short of expectations at $1.95 billion.

Large institutional investors have been showing interest in Fortis, with several firms increasing or acquiring new positions in the company’s stock during recent quarters.

While Fortis operates in Canada, the United States, and the Caribbean, it is primarily known for its electricity generation and distribution in Arizona. The company currently serves over 550,000 retail customers with a total capacity of 3,408 MW.

Despite the “underperform” rating from Bank of America, analysts remain divided on the future outlook of Fortis. Investors should carefully consider the various research reports and the company’s financial performance before making any investment decisions.

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