Xcel Energy upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Xcel Energy (XEL) to Outperform from Market Perform with a price target of $80, up from $73. Xcel’s disclosure of significantly higher investment opportunities in Q3 and 2026 indicate its rate base growth could approach 14% and realized earnings growth north of 9%, the analyst tells investors in a research note. The firm says the shares trade at a group average multiple despite “peer-leading” rate base and earnings growth. This represents an attractive entry point, contends BMO.