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 RBCs US analysts, which

Acknowledging that there is skepticism surrounding its business model and ability to sustain profitability targets, RBC Capital joins the growing list of bulls in support of Carvana, raising its rating on the stock to Outperform from Sector Perform on the upside potential to retail unit estimates and a clearer path to durable free cash flow.