The Globe and Mail reports in its Tuesday, Sept. 12, edition that RBC Dominion Securities analyst Maurice Choy lowered his share target for regulated utility stock Fortis to $61 from $65 after introducing his 2025 financial estimates in response to the higher interest rate environment. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target Fortis stock at $59.21. Mr. Choy continues to rate Fortis "sector perform." Mr. Choy says in a note: "Following the share price underperformances [of utility stocks] over the past three months, we no longer view the regulated utility stock valuations to be elevated, trading at a 25-per-cent P/E premium to the S&P/TSX Composite index, which is in line with the 5- year trailing average, and compares to the 80-per-cent peak after the war began. If/when interest rates come down, the utilities may be favoured again. However, if the market is now looking beyond the short-term macro uncertainty, we believe stocks with the greatest upside relate to companies that investors are most critical of today, being ones that currently utilize DRIP/ATM programs, have stretched balance sheets, and/or have material variable rate debt exposures."