Mizuho lowered the firm’s price target on Xcel Energy to $62 from $69 and keeps a Buy rating on the shares. Xcel continues to be one of the firm’s top picks in 2023 as it prefers “quality utilities with strong balance sheets and consistent earnings growth.” Despite a challenging Minnesota rate decision earlier in the year, Xcel Energy can still hit the high end of its 5%-7% long-term earnings growth target given its long runway of potential renewable capex opportunities, the analyst tells investors in a research note.
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