Exelon price target lowered to $45 from $47 at RBC Capital

RBC Capital lowered the firm’s price target on Exelon to $45 from $47 and keeps a Sector Perform 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%.