The Financial Post reports in its Thursday edition that RBC Capital Markets has trimmed its price targets on the Big Three telcos in the wake of their relative underperformance against the broader S&P/TSX Composite Index so far this year. The Post's Ian Vandaelle writes that RBC analyst Drew McReynolds said higher bond yields had sapped some of the demand for rate-sensitive names, prompting the decrease in his view of returns over the next 12 months. "We attribute the underperformance mainly to the increase in the [government of Canada] 10-year [yield] with elevated concerns around competition, regulation and the economy contributing to the more challenged backdrop in 2023," he said in a note to clients on Wednesday. The government of Canada's benchmark 10-year bond yield stands at about 4.08 per cent, up nearly 24 per cent year-to-date. Mr. McReynolds lowered his price target on BCE to $59 from $63, Telus to $29 from $31 and Rogers Communications to $69 from $72. While lower, those figures still represent between 13 and 31 per cent upside for the stocks over the next 12 months. The Post notes that the telcos typically underperform during a rising rate environment due to their capital-intensive nature.