Xcel Energy initiated with an Equal Weight at Barclays

Barclays initiated coverage of Xcel Energy with an Equal Weight rating and $60 price target. The shares have underperformed due to adverse outcomes in Minnesota and lawsuits related to the Marshall wildfires, the analyst tells investors in a research note. The firm acknowledges the shares “are starting to look more attractive,” but is looking for greater comfort in the how Xcel will navigate Colorado from both a gas rate case standpoint and wildfire liability mitigation before getting more constructive.