Xcel Energy (XEL) PT Raised to $83 at Goldman Sachs

Goldman Sachs analyst Carly Davenport raised the price target on Xcel Energy (NASDAQ: XEL) to $83.00 (from $80.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating on Xcel Energy (XEL) following 2Q earnings. The company highlighted line of sight to $15 bn of capex upside relative to its base plan, where we now embed $5 bn of higher capex in our model and look to the 3Q call for potential further upside related to generation, transmission, and load growth. This drives our EPS CAGR close to 9%, among the highest in our regulated utilities coverage. We look towards the Marshall wildfire trial beginning in September, a financial/capital plan update on the 3Q call, and an update on the PSCo resource plan in the fall as key catalysts from here. Our PT moves to $83 (from $80 previously) and we see ~16% total return from here."

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