The Globe and Mail reports in its Friday, April 4, edition that CIBC World Markets analyst Mark Jarvi, in a research report released Friday, raised his share target for Canadian utility Fortis to $68 from $65. The Globe's David Leeder writes in the Eye On Equities column that Mr. Jarvi continues to rate Fortis "neutral." Analysts on average target the shares at $65.13. Mr. Jarvi says in a note: "The recent outperformance of regulated utility stocks reminds us that bond yields are not the only key macroeconomic/market factor that impacts performance. While bond yields have been drifting lower (more so in the last few days), we believe the relative outperformance has been driven by a shift in risk-sentiment and a flight to stability/predictability in these volatile times. ... Our analysis shows that credit spreads are often as strongly (if not more) correlated with utility relative performance. Moreover, we've parsed differing yield curve change conditions to show that flattening coupled with declining yields is when utilities perform the best, and that in Canada there's a stronger negative correlation with oil price changes and utility performance than there is in the U.S."