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RBC Capital Markets has upgraded the Utilities sector to Overweight, naming it the top defensive sector, while downgrading Energy to Market Weight. The decision follows a survey of RBC’s US analysts, which revealed Utilities as having the strongest performance outlook among all sectors.
RBC strategists highlighted positive earnings per share (EPS) and sales revisions, coupled with the sector's resilience to US political debates on taxes and tariffs. They also noted Utilities’ strong performance during the 2018 China trade war and its lower sensitivity to US dollar fluctuations as key factors.
In contrast, the downgrade of Energy reflects a weaker performance outlook, driven by softer fund flows and sluggish earnings revisions. RBC stated the move was partly strategic, accommodating the Utilities upgrade while maintaining three Overweight sectors. Despite the downgrade, RBC emphasized that Energy remains a Market Weight sector with valuation appeal and political tailwinds offering potential advantages.
RBC also maintained Overweight ratings on Financials and Communication Services, citing continued confidence in their growth prospects.
