Xcel Energy upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Xcel Energy (XEL) to Overweight from Neutral with a price target of $80, up from $69. The firm says that while wildfire liabilities have weighed on Xcel , the stock has “room to run” following a positive Q3 update. The $6B base capex plan increase, doubling of incremental capex opportunities to $10B, and 5% five-year retail sales growth annually support earnings within the upper half of the company’s revised 6%-8% growth range, the analyst tells investors in a research note.