CIBC Reaffirms Outperform Rating While Raising Fortis (FTS) Price Target

Core Insights - Fortis Inc. is recognized as one of the best Canadian dividend stocks for long-term investment [1] - CIBC has raised its price target for Fortis to C$75 while maintaining an Outperform rating [2] - Fortis reported a capital expenditure of approximately $4.2 billion in the first nine months of the year, aiming for a full-year target of $5.6 billion [3] Financial Performance - The company has introduced a five-year capital plan worth $28.8 billion for the period from 2026 to 2030, with an expected annual rate base growth of about 7% [3] - Fortis announced a 4% increase in its quarterly dividend to $0.64 per share, marking the 52nd consecutive year of dividend growth [4] Business Model - Fortis operates a regulated utility network, with around 93% of its assets in lower-risk transmission and distribution, providing stability in financial results [5] - The investment strategy aims to increase dividends by 4 to 6% annually through 2030, appealing to income-focused investors [4]