Unitil price target lowered to $51 from $56 at RBC Capital

RBC Capital analyst Shelby Tuckler lowered the firm’s price target on Unitil to $51 from $56 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%.