Xcel Energy price target raised to $87 from $84 at BMO Capital

BMO Capital analyst James Thalacker raised the firm’s price target on Xcel Energy (XEL) to $87 from $84 and keeps an Outperform rating on the shares ahead of its Q3 earnings. The quarterly results should take a back seat to the company’s comprehensive capital plan refresh and include the majority of the $15B of the “line of sight” upside capital bucket, resulting in rate base growth in the low-to-mid teens, the analyst tells investors in a research note. BMO does not expect the company to change its 6%-8% growth rate, but it believes the plan could support realized EPS growth approaching 9%, the firm added.