Investing.com -- RBC Capital Markets has upgraded the Utilities sector to Overweight from Market Weight, highlighting it as their top defensive sector.
“In the latest set of results, our US Utilities team had the most constructive performance outlook across all US sectors,” RBC strategists said in a note. On the other hand, RBC downgraded the Energy sector to Market Weight from Overweight. According to the note, the move was partly a strategic one to accommodate the upgrade of Utilities, as RBC prefers to maintain only three sectors with an Overweight rating.
“Despite our downgrade, we stress that US Energy feels very much like a sector that should be a market weight, not an underweight,” the investment bank added.
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