The Globe and Mail reports in its Tuesday, Sept. 19, edition that Scotia Capital analysts Andrew Weisel and Robert Hope are tempering their outlook for North American utility stocks to "reflect the higher-for-longer interest rate environment." The Globe's David Leeder writes that Mr. Weisel and Mr. Hope say in a report titled The Opposite of Love Is Not Hate, But Indifference: "To say that utilities are out of favor may be an understatement: U.S. stocks have lagged the S&P 500 by 31 per cent year-over-year and 27 per cent year-to-date; Canadians haven't fared much better at down 17 per cent and down 3 per cent. While the industry no doubt faces near-term challenges, we see the weakness as overdone and remain fundamentally bullish. We're hopeful that the group has bottomed and is overdue for some relative catch-up, pending the outlook for rates." While the analysts think the impact of higher interest rates on valuations "appear to be overdone," they do see fundamentals risks as "elevated in the near-term." That led Mr. Hope to lower his share target for Fortis by $2 to $58. Mr. Hope continues to rate Fortis "sector perform." Analysts on average target the shares at $58.86.