|Over a week ago|
Fortis price target raised to C$59 from C$56 at BMO Capital » 12:3007/3107/31/20
BMO Capital analyst Ben…
BMO Capital analyst Ben Pham raised the firm's price target on Fortis to C$59 from C$56 and keeps an Outperform rating on the shares.
|Over a month ago|
Tucson Electric Power sets target to reduce carbon emissions by 80% by 2035 » 09:0706/2606/26/20
Fortis announced that its…
Fortis announced that its utility Tucson Electric Power in Arizona has set a target to reduce carbon emissions by 80% by 2035. Details of the clean energy targets are included in the utility's 2020 Integrated Resource Plan. Key elements of the Plan: 2,457 megawatts of new wind and solar power systems, including 457 MW that will be coming online over the next year; 1,400 MW of new energy storage systems; A proposal to ramp down and ultimately retire TEP's two units at the coal fired Springerville Generating Station in 2027 and 2032. The timeline would allow TEP to reduce the plant's workforce through attrition while providing time for the company to help the local community minimize the impact of the units' retirement; Eliminating the use of surface water for power generation and a 70% reduction in groundwater use; Continued support for energy efficiency programs to reduce usage and peak power demands. These changes will result in TEP avoiding more than 50 million tons of carbon dioxide emissions over the next 15 years. The Plan proposes reducing and ultimately eliminating its use of coal-fired resources. That transition is already underway, with the retirement of more than 600 MW of coal generation by June 2022 through recent and scheduled closures at the Navajo and San Juan Generating Stations. TEP also receives power from two coal-fired units at the Four Corners Generating Station that are scheduled to close in 2031. Concern about climate change and other environmental impacts, low natural gas prices and other factors created an opportunity to evaluate the long-term use of SGS Units 1 and 2. Though reliable, the usage of the coal-fired units will be reduced and the units eventually retired. Energy from SGS Units 1 and 2 will be replaced with increased energy from wind farms, solar arrays and energy storage systems. The Plan calls for a dramatic expansion of renewable energy resources, including some systems that are already under development. TEP is working to complete two large New Mexico wind farms and a local solar plus storage project that will more than double its community-scale clean energy resources by next year. The IRP also calls for enough new wind and solar generating capacity to provide more than 40% of the company's power in 2030, more than 60% by 2033 and more than 70% by 2035. The expansions coincide with the planned addition of energy storage systems, which are projected to cost significantly less after 2030 than they do today. TEP's CO2 emission reduction goal was developed in partnership with the University of Arizona's Institute of the Environment with input from a diverse group of customers, community leaders, local government representatives and environmental advocates, and is in line with the 2015 Paris Agreement to limit global warming to below 2 degrees Celsius. The Plan would reduce CO2 by 80% compared to 2005 levels. Plans for coal reduction at the SGS are subject to the Arizona Corporation Commission's approval of a modified plan for timely recovery of the plant's remaining value. TEP has not yet determined what rate changes it may request or the timing of any such request.
|Over a quarter ago|
Fortis price target raised to C$58 from C$57 at CIBC » 11:3905/0705/07/20
CIBC analyst Mark Jarvi…
CIBC analyst Mark Jarvi raised the firm's price target on Fortis to C$58 from C$57 and keeps an Outperformer rating on the shares.
Fortis price target raised to C$58 from C$56 at Credit Suisse » 10:5004/2704/27/20
Credit Suisse analyst…
Credit Suisse analyst Andrew Kuske raised the firm's price target on Fortis to C$58 from C$56 and keeps a Neutral rating on the shares.
Fly Intel: Top five analyst downgrades » 10:2304/1404/14/20
ETSY, SQ, FTS, GOLF, STM
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Etsy (ETSY) downgraded to Neutral from Buy at BTIG with analyst Marvin Fong saying the shares have achieved his former $52 price target, and that with its Q1 update earlier this month, the company proved that it has one of the more resilient business models in e-commerce. 2. Square (SQ) downgraded to Neutral from Buy at UBS with analyst Eric Wasserstrom saying he now longer has conviction that Square's investments in 2020 will drive a reacceleration of revenue growth and margin expansion in 2021. 3. Fortis (FTS) downgraded to Underperform from Neutral at BofA with analyst Julien Dumoulin-Smith citing the stock's outperformance, wish shares exceeding the Utilities Select Sector SPDR ETF XLU by over 1000% year-to-date. 4. Acushnet Holdings (GOLF) downgraded to Underweight from Equal Weight at Wells Fargo with analyst Timothy Conder saying COVID-19 is impacting the company's largest markets the U.S. and EMEA in the peak retail season. 5. STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan with analyst Sandeep Deshpande saying STMicro should "meaningfully participate" over the next auto and smartphone cycle, but Deshpande thinks the underlying operational short-to-medium term disruptions shouldn't be underestimated. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Fortis downgraded to Underperform from Neutral at BofA » 06:1604/1404/14/20
BofA analyst Julien…
BofA analyst Julien Dumoulin-Smith downgraded Fortis to Underperform from Neutral with a C$53 price target. The analyst cites the stock's outperformance, wish shares exceeding the Utilities Select Sector SPDR ETF XLU by over 1000% year-to-date. Given the positive developments out of FERC and currency tailwinds over the recent weeks, the analyst sees risk-reward turning more negatively at the current valuation for Fortis shares. Dumoulin-Smith adds that the more depressed LNG environment could challenge the company's contemplated projects in BC, while any upside to its formal capital plan seems less likely on the margin.
Fortis downgraded to Underperform from Neutral at BofA » 06:0504/1404/14/20
BofA downgraded Fortis to…
BofA downgraded Fortis to Underperform from Neutral.
Fortis upgraded to Action List Buy from Hold at TD Securities » 10:3503/3103/31/20
TD Securities analyst…
TD Securities analyst Linda Ezergailis upgraded Fortis to Action List Buy from Hold with a C$62 price target. She sees defensive names, such as Fortis, benefit the most among Pipelines, Power and Utilities stocks from lowering yields, Ezergailis tells investors. Fortis' share price has been affected by the broader market selloff, creating what she views as an attractive risk/return profile compared with historical periods, other publicly traded companies and income yield securities, the analyst added.
Fortis upgraded to Outperform from Market Perform at BMO Capital » 04:5803/3003/30/20
BMO Capital analyst Ben…
BMO Capital analyst Ben Pham upgraded Fortis to Outperform from Market Perform with a price target of C$55, down from C$57. The analyst designates Fortis as a "Top 3 Best Idea" on BMO's investment preference shift to utilities over pipelines within Canadian Energy Infrastructure. Fortis has a conservative ~70% earnings payout, with a 3.8% yield, and virtually almost all of it earnings are underpinned by regulated assets across several geographies, says Pham.
Fortis CEO thanks employees for maintaining grids, networks in communities » 09:2103/2503/25/20
Fortis President and CEO…
Fortis President and CEO Barry Perry acknowledged and thanked employees for the important work they are doing across its operations in Canada, the United States and the Caribbean. Fortis employees are maintaining and operating the electricity grids and natural gas networks that are delivering the energy required to run essential services in their local communities through this COVID-19 crisis. "As we continue to respond to the current COVID-19 pandemic, I want to thank our 9,000 Fortis employees for their work and dedication to ensure the electricity grid and natural gas network remains strong," said Barry Perry, President and CEO, Fortis. "Like other frontline workers in healthcare, emergency services, food supply, telecommunications and crucial government services, work performed by our employees is essential. This allows our medical personnel to focus on what matters most - the health of those affected by this virus. It also allows our customers to be comfortable and secure at home during this time." In the energy utility sector, critical work is carried out by control centre operators; generation, transmission and distribution technicians; system planners; customer service representatives; field construction workers; and more. Throughout its North American enterprise, Fortis employees are focused only on necessary work. In addition, those who are able to work from home are doing so. The Corporation recently announced its annual and special meeting in May 2020 will take place online to respect the health and safety of all concerned. The Corporation intends to return to an in-person meeting in future years.