The Globe and Mail reports in its Wednesday, Feb. 19, edition that RBC Dominion Securities analyst Maurice Choy is sticking with his "sector perform" recommendation for Fortis. The Globe's David Leeder writes in the Eye On Equities column that Mr. Choy boosted his share target by $4 to $69. Analysts on average target the shares at $63.19. Mr. Choy thinks "tangible signs of favourable energy demand growth continue to emerge" across Fortis's "diverse" portfolio, predicting higher utilization and potential new investments will follow. Mr. Choy says the utility released another set of quarterly and annual results before the bell on Friday that "showcased the growth and predictability" of its earnings. Mr. Choy says in a note: "We believe investors can look forward Fortis benefiting from a number of favourable themes this year including: (1) the elevated North American energy demand landscape, including in Arizona and at ITC; (2) the lowering of regulatory lag in Arizona via formula rate plans; and (3) the delivery of its $26-billion capex plan that supports a roughly 6.5-per-cent rate base CAGR, and its 4 to 6-per-cent annual dividend growth guidance through 2029."