Utilities Slashed as Broadcom and ADP Win Street Favour

Analysts cut price targets on a broad swathe of US utility stocks this week. At least seven names took downgrades to consensus targets. Duke Energy, Entergy, AEP, Sempra, FirstEnergy, Consolidated Edison, and PEG all saw targets trimmed. The sector faces pressure from rising interest rates and elevated debt loads.

The standout winner was Broadcom. Consensus targets rose to $517.61, up from $513.84. The $1.83 trillion chip giant continues to attract bullish calls. Demand for its AI networking silicon remains a key driver.

Automatic Data Processing also saw an upward target revision. The consensus target moved to $246.80 from $246.33. Analysts cite steady payroll processing demand and resilient enterprise spending.

Paychex joined ADP with a modest target lift to $102.07. The HR software pair benefited from strong jobs-market data this week.

The utility selloff is the sharpest theme. Analysts trimmed Atmos Energy targets to $187.27 from $188.45. Pinnacle West Capital targets fell to $105.07. Rate sensitivity continues to weigh on the entire regulated utility space.