SJW Group price target lowered to $76 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on SJW Group to $76 from $85 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%.