Unitil initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of Unitil (UTL) with a Sector Perform rating and $57 price target The company offers a “straightforward, low-risk, and likely under-the-radar regulated utility story that should be attractive in today’s risk-off environment,” the analyst tells investors in a research note. However, Scotiabank says Unitil’s growth outlook is below average at 6.25% while its dividend growth should be in line with peers at 5.5%. As such, it sees better opportunities elsewhere.