The Globe and Mail reports in its Wednesday, July 23, edition that Raymond James analyst Theo Genzebu has elevated Fortis to "outperform" from "market perform" citing recent share price depreciation. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Genzebu notes Fortis is down about 4.5 per cent from May and is now trading close to the mid-range of its historical range. Mr. Genzebu's price target remains at $69. Despite the upgrade, Fortis is not his favourite utility stock at the moment. Mr. Genzebu says in a second quarter earnings preview note, "We reiterate our 2025 best pick in Emera, as we continue to believe that the company's asset sales last year and improved liquidity facilitate further investments in the high-growth region of Florida while improving its credit metrics." The Globe reported on April 25 that CIBC rated Fortis "neutral." It was then worth $67.29. The Globe reported on May 7 that Desjardins Securities analyst Brent Stadler commenced coverage on Fortis with a "hold" recommendation. It was then worth $67.53. The Globe reported on June 27 that TD Cowen analyst John Mould commenced coverage on Fortis with a "buy" recommendation. The shares could then be had for $64.64.