Fortis Inc. (FTS:CA) Scotiabank Raises Target on Attractive Valuation Outlook

Fortis Inc. received a increase to its 12 month target price, lifting the target to $79.00 from $74.00 by Scotiabank, reflecting enhanced confidence in the utility’s earnings stability, capital investment outlook, and long-term dividend growth profile. The revision underscores Fortis’s position as a defensive, regulated utility with highly predictable cash flows supported by long-term rate frameworks across its North American operations.

Analysts pointed to Fortis’s robust capital expenditure program, which is focused on grid modernization, reliability upgrades, and regulated infrastructure expansion. These investments are expected to drive steady rate base growth, translating into consistent earnings and cash flow increases over the medium term. The bank also highlighted Fortis’s disciplined approach to balance sheet management, which supports ongoing capital investment while maintaining investment-grade credit metrics.

The higher target price reflects confidence that Fortis can continue to deliver low-risk earnings growth and dependable dividend increases, making the stock attractive for income-oriented and defensive investors, particularly in an environment of economic uncertainty and moderating interest rate expectations.