Xcel Energy (XEL) PT Lowered to $71 at BMO Capital

BMO Capital analyst James Thalacker lowered the price target on Xcel Energy (NASDAQ: XEL) to $71.00 (from $80.00) while maintaining an Outperform rating.

The analyst commented, "Last night interveners filed testimony in XEL's MN Electric Rate Case. We keyed in on the testimony from the Department of Commerce (DOC) witnesses Campbell and Addonizio. DOC recommends a cumulative revenue increase of ~$274mn through 2024 compared to ~$677mn requested by the company. However, we note a large portion of the differential is attributable to non-earnings items. DOC also recommended a 52.5% equity ratio and a 9.25% ROE. We reiterate our Outperform rating but lower our target price to $71 as we mark to market our group multiples."

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