Argus Issues a Downgrade for ITC Holdings (NYSE:ITC) from a Buy to Hold Rating

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ITC Holdings (NYSE:ITC) Receives a Downgrade

In a very recent research note finalized today, Argus downgraded shares of ITC Holdings (NYSE:ITC) to a Hold rating from the previous Buy rating.

From a total of 10 analysts covering ITC Holdings (NYSE:ITC) stock, 5 rate it a ”Buy”, 1 a “Sell”, and 7 a ”Hold”. This means that 38% of the ratings are positive. The highest target price is $42 while the lowest target price is $32. The mean of all analyst targets is $36.3 with a -8.03% below today’s ($37.84) stock price. ITC Holdings was the topic of 5 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Citigroup initiated shares on November 20 with “Buy” rating. Deutsche Bank maintained ITC stock in a recent report from July 31 with “Hold” rating.

The stock increased 2.66% or $0.98 during the last trading session, striking $37.84. Approximately shares of stock traded hands. ITC Holdings Corp. (NYSE:ITC) has risen 5.64% since April 29, 2015 and is uptrending. It has outperformed by 5.84% the S&P500.

ITC Holdings Corp. is an independent electricity transmission firm in the United States. The company has a market cap of $5.18 billion. The Firm operates, maintains and invests in transmission infrastructure. It has 23.54 P/E ratio. The Company’s clients include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers.

According to Zacks Investment Research, “ITC Holdings Corp. is in the business of electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through ITC operating subsidiaries, ITCTransmission and METC, we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the eighth largest electric transmission company in the country based on transmission load served. Its business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources.” Get a free copy of the Zacks research report on ITC Holdings Corp. (ITC).

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