RBC Capital lowered the firm’s price target on AES Corp. to $23 from $26 and keeps an Outperform rating on the shares. The analyst updated the firm’s regulated utility valuation multiples to reflect a “persistent higher” interest rate environment. The firm’s new price-to-earnings multiples for all utilities are now using a 4.5% 10-year Treasury yield, which dropped its valuations by 13%.
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