The Globe and Mail reports in its Saturday, Nov. 19, edition that Fortis ($40.44) is an undervalued stock with 43 years of annual dividend increases. The Globe's Jennifer Dowty writes that Fortis is a dividend stock that has come under recent pressure due to rising bond yields. The share price has fallen 5 per cent since the U.S. election results were announced, and the stock appeared on The Globe's negative breakout list last Wednesday. As a result, Ms. Dowty says Fortis's valuation is becoming more interesting. The company pays shareholders a quarterly dividend of 40 cents per share, or $1.60 per year, equating to an annualized yield of 3.96 per cent. It has targeted an annual dividend growth rate of 6 per cent through to the year 2021. The average one-year target price is $49, implying the share price has 21-per-cent upside potential over the next 12 months. The Globe's Rob Carrick recommended buying Fortis on Sept. 21. Mr. Carrick said he liked Fortis's strong dividend growth rate. The shares could then be had for $42.29. The Globe reported on Sept. 23 that Raymond James analyst David Quezada rated Fortis "outperform." The shares could then be had for $42.57.