BMO Capital lowered the firm’s price target on Xcel Energy to $62 from $66 and keeps a Market Perform rating on the shares. The company’s filed preferred portfolio in the Colorado Resource Plan includes more renewable generation than the initial plan with a higher-than-expected percentage of utility ownership, and following the stock’s “precipitous derate”, BMO views the portfolio positively as the higher level of investment/ownership reaffirms Xcel as one of the best positioned utilities to leverage the Inflation Reduction Act, the analyst tells investors in a research note. The firm stays at neutral however, awaiting better regulatory certainty following the recent outcomes in Minnesota and Colorado, the firm added.
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