The Globe and Mail reports in its Tuesday edition that Scotia Capital analysts Andrew Weisel and Robert Hope expect North American regulated utility stocks to "continue to struggle in the near term despite strong and improving fundamentals as consistently-rising investor sentiment seems tougher and tougher to fight." The Globe's David Leeder writes in the Eye On Equities column that Mr. Weisel and Mr. Hope say in a note: "We remain extremely bullish on the underlying backdrop, with demand for electricity accelerating, driving ongoing upside to capex outlooks. However, few utilities are converting these opportunities into upside to EPS. In today's risk-on market environment, we worry that defensive stocks will continue to be left behind without positive estimate revisions." The analysts predict the "macro risk-on" environment will likely continue to leave defensive stocks behind on both sides of the border. Mr. Hope continues to rate Fortis "sector perform." Mr. Hope gave his share target a $3 boost to $73. Analysts on average target the shares at $71.15. The Globe reported on Aug. 6 that Desjardins Securities analyst Brent Stadler had elevated his recommendation for Fortis to "buy" from "hold." It was then worth $69.43.