April 23, 2019 / 2:35 PM / a year ago

BUZZ-Raymond James downgrades Fortis, Emera to "market perform"

** Raymond James downgrades Canadian regulated utilities Fortis Inc and Emera Inc to “market perform” from “outperform”

** Says companies are now either approaching or have surpassed the mid-point of historical valuation ranges as well as brokerage’s target prices

** Upgrades Hydro One to “market perform” from “underperform” after co hired “well qualified” Mark Poweska as CEO; says much of the senior management team turnover now appears to be in the rear view

** “Believe the depressed valuation of Hydro One shares, coupled with what appears to be a relatively constructive outcome on the company’s distribution segment rate filing, suggests downside in the name is modest at this point”

** Cuts rating on Boralex to “outperform” from “strong buy”; Says represents among the best value in coverage universe but flags earnings volatility and the slow permitting process in France

** The S&P Toronto Stock Exchange Canadian Utilities Index has risen ~16 pct so far this year (Reporting by Arathy S Nair)

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