Analyst Ross Fowler from Bank of America Securities maintained a Buy rating on Xcel Energy and keeping the price target at $78.00.
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Ross Fowler has given his Buy rating due to a combination of factors that highlight Xcel Energy’s promising growth potential and strategic planning. The management’s focus on expanding the rate base across its service territories is a key driver for this positive outlook. Despite the looming Marshall Wildfire trial, the company’s leadership remains committed to executing its substantial capital spending plan, which is expected to enhance earnings growth.
Moreover, Xcel Energy’s proactive approach to managing rising utility rates and customer affordability issues further solidifies its position. The anticipated increase in capital spending, particularly in renewables and electric transmission projects, is likely to boost the company’s rate base growth beyond the current guidance. These strategic initiatives, coupled with the management’s confidence in navigating upcoming challenges, underpin the Buy rating maintained by Ross Fowler.