Jefferies Downgrades Xcel Energy (XEL) to Hold on Valuation

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Jefferies downgraded Xcel Energy (NYSE: XEL) from Buy to Hold with a price target of $29 (down from $30) on valuation.

The firm comments, "We are downgrading XEL to Hold from Buy based on valuation. The stock is currently trading at an 8% P/E premium to our 2014 group average multiple which is close to our 10% target premium. When we initiated on the stock in September 2011, the company had been trading at almost a 5% P/E discount."

For an analyst ratings summary and ratings history on Xcel Energy click here. For more ratings news on Xcel Energy click here.

Shares of Xcel Energy closed at $27.49 yesterday, with a 52 week range of $21.20-$27.93.

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