BofA raised the firm’s price target on Xcel Energy (XEL) to $84 from $78 and keeps a Buy rating on the shares after the company disclosed a settlement in principle to resolve all litigation related to the 2021 Marshall Fire and that it expects to pay $640M related to these settlements. The firm, which believes this resolution is positive that eliminates the uncertainty associated with a jury trial, looks for a positive business update along with the company’s Q3 earnings release.
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Read More on XEL:
- Xcel Energy: Positive Outlook with Litigation Resolution and Increased Capital Spending Plans
- Xcel Energy: Hold Rating Maintained Amid Favorable Litigation Settlement and Strong Fundamentals
- Xcel Energy Settles Marshall Fire Claims for $640M
- Xcel Energy fire settlement below expectatoins, says Barclays
- Xcel Energy to pay $640M related to Marshall Fire settlements