The Globe and Mail reports in its Friday, Aug. 4, edition that CIBC World Markets analyst Robert Catellier downgraded Fortis ($45.83) to "neutral" from "outperformer" based on share price appreciation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Catellier says in a note: "We resume coverage following B.C. Hydro's surprising exercise of its right of first offer (ROFO) to acquire Teck's two-thirds interest in the Waneta Dam, ending Fortis's attempted acquisition. Consequently, Teck will pay Fortis a break fee of $28-million. While not in our previous price target, we view this as a modest disappointment as opportunities to make a credit-positive investment of $1.2-billion in hydro assets in an existing jurisdiction do not come along often. Our price target receives a modest bump based on reported earnings and the rate case filed for Central Hudson. Recent price appreciation causes us to lower our rating, despite positive fundamentals." Mr. Catellier's share target rose by a loonie to $48. Analysts on average target the shares at $49.33. The Globe's guest columnist Sean Pugliese recommended buying Fortis in the Number Cruncher column on Feb. 23. The shares were then worth $42.87.