The Globe and Mail reports in its Wednesday, Aug. 6, edition that Fortis's $4.3-billion (U.S.) acquisition of Arizona-based UNS Energy is a step closer to being finalized, which could occur by the end of August, says CIBC World Markets analyst Paul Lechem. The Globe's Darcy Keith, Tim Shufelt and Jody White write in the Eye On Equities column that last week, the gas and electric utility announced that the deal received a positive recommended opinion from the Arizona state regulator. The regulator is expected to make a final decision in August. Mr. Lechem says, "Given the imminent closing of the UNS acquisition, strong expected earnings growth and an in-line or even discounted valuation vs. its peers, we believe Fortis represents an appealing investment." Mr. Lechem upgraded the stock to "sector outperformer" from "sector performer" and raised his target price to $37 (Canadian) from $35 (Canadian). The Globe's John Heinzl recommended buying Fortis on April 30, when it could be had for $32.02. He recommended Fortis again on June 25. The shares could then be had for $32.09. The Globe's Craig McGee said buy Fortis in the Number Cruncher column on July 17. The shares could then be had for $32.94.